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...
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.
Update 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).