Square Enix noted that RPG titles are “their legacy” and they want to continue that with something entirely new. So they announced not only a new IP, but a whole new studio to make it.
The studio is named Tokyo RPG Factory. They have an official website with a few details and more screenshots of the first game, but Square noted the name for their dedication to the “Japanese RPG style” of games. So we can expect something very similar to Final Fantasy and Kindgom Hearts.
Project Setsuna is the title of the project currently, but we can all assume that will change. They said it with a few of their project, but we have to “wait till later” to hear more about the game. They put a timeframe of 2016.