According to the latest issue of Shonen Jump magazine in Japan, the DS is set to receive a second Blue Dragon game, which can best be translated as Blue Dragon: Beasts of the Underworld. Unlike Blue Dragon Plus, this new collaboration between Namco and Mistwalker will be a real-time RPG with full 3D graphics, as opposed to the strategic affair Plus is. Instead of focusing on the main characters from the Blue Dragon franchise, you'll instead control a nameless protagonist.
Blue Dragon: Beasts of the Underworld is currently slated for release sometime next year.
Source - Siliconera translation
Source - Scan from Shonen Jump