Tecmo Koei officially confirmed that Ninja Gaiden 3 is on the way, with Team Ninja handling the development. GamePro has the word that the project is "so early in development." So early, in fact, that the devs couldn't show off more than one concept art image.
The image is actually a teaser and supposedly has elements that point towards Team Ninja's effort to take the action adventure series in a new direction. According to another report, Ninja Gaiden 3 is going to bring the familiar blood-splattering combat the franchise is known for, albeit players will also get to delve into the "human side" of Ryu Hayabusa (the main character).
Team Ninja boss Yosuke Hayashi said additional info on Ninja Gaiden 3 is expected early next year.