1UP, ex-Tecmo employee and leather lover Tomonobu Itagaki (along with comrades Hiroaki Matsui, Katsunori Ehara, and Yoshifuru Okamoto) iterated that he is returning to gaming, and will be backed up by a brand new team on a project for a future game. Unfortunately, we won't see anything on this new game at next week's E3, although Itagaki did confirm he would be in attendance.
The new company is tentatively called "Tokyo Vikings" (how ... appropriate) and is largely comprised of ex-Team Ninja staff, including a majority of the folks who worked on Ninja Gaiden 2. Surprisingly, his new team even managed to snag some key character designers from Virtua Fighter 5.
Itagaki was overall pretty tight-lipped about the new team and its mystery project, but did confirm that it wouldn't be a fighting game, as Itagaki is sure he's hit the ceiling there with Dead or Alive 4. He wouldn't comment on whether it would be an Xbox 360 exclusive, or heading to other consoles such as the PS3, but his past affiliations with Microsoft might suggest a likely path for his future games.