Manufacturer Blaze told MCV that the system, which launches with 20 pre-installed games, will cost £500 upon release.
The device also includes SD card expansion, a 3.5" LCD screen, A/V output, internal stereo speakers and a headphone socket. Fan-favourite titles Metal Slug, The King of Fighters and Fatal Fury are among its launch library.
"The NeoGeo console has always been a personal favourite of mine and I am delighted to be involved with the development of this new handheld console," said Jason Cooper of Blaze.
"We hope to reignite the excitement many of us felt 21 years ago, in a more affordable manner, to a much wider audience."
The NeoGeo X is co-developed with Tommo Inc and licensed by SNK. It will be available in the US, Europe, the Middle East and Australia in Q2, 2012.
> Feature: Top Ten Handheld Innovations