Level-5 was listed as one of the third-party developers signed on for PlayStation 4 development. CEO Akihiro Hino told Nikkei (translated by Siliconera) that the company has a specific game in mind for the platform, which is in the "planning" stage now. He indicated that the developer and publisher "may" be able to announce this game in the near future.
Hino said that it's important to figure out the PS4's network components when planning a game for it, as well as the usual specs and graphical tech.
It's going to be really satisfying when Level-5 is making a PS5 game. Just for the sake of symmetry.