Yasuda, the president of Tecmo, announced to Bloomberg Japan today that Team NINJA with it's new leader has been appointed to work on a big budget title game with a new genre, and is expected to be completed next year.
With the absence of Itagaki, the team has taken on a new motto for game development, "New Title, New Genre, New Location, New Leader".
Team NINJA's new game will not follow Tecmo's past game genres like Fighting, Action, or Horror Adventure; instead they will focus on a brand new genre and focus on targeting the western audience, though details can not be disclosed at this time...
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A more detailed interview can be viewed by clicking on the Story Link, translated via Google Translate.
The Credits Link is to the original Bloomberg article in Japanese.
Updates:
Since the names were not correctly translated by Google Translate, the new leaders (there are two of them) of Team NINJA are Jin Hasegawa (Project Manager/CG Team Leader in various Fatal Frame projects) and Yousuke Hayashi (Director for Ninja Gaiden Sigma).