Square Enix Developing New Unreal Engine-powered Action RPG

After bringing word that Square Enix is hard at work on another MMO earlier this year, Andriasang is now reporting that the publisher/developer is hard at work on an action RPG powered by Epic's Unreal Engine. You'll recall that Unreal Engine 3 powered 2008's The Last Remnant, so this might be another UE3 title or even a UE4 title if it's far enough out:
While the game goes unnamed in the magazine, it will not be a Dragon Quest or Final Fantasy game.

In comments shared with Famitsu, Ichimura reveals that he and the game's staff traveled the world for the past two years and conducted user surveys to research art and gameplay direction for the game. They've finalized the basics.

Famitsu shows image art for what appears to be a main character, heroine, rival and boss. No solid details are provided, so these are just guesses.
Thanks, CVG.