Gan! Gan! Pirates is an arcade shooter with co-operative and competitive gameplay elements, reports Famitsu (via Andriasang).
Releasing for iOS and Android devices in September, the free-to-play title will be available through a new Japanese social gaming site.
It is unclear if it will be released in the West.
Yu Suzuki is most famous for his work on games such as Space Harrier, Virtua Fighter and Shenmue.
He has previously expressed an interest in making Shenmue III, saying that the concept for the sequel already exists.
In the past Sega has said it has no plans for a third Shenmue game, but that fans should "never say never".
Sega has also revealed that Shenmue and Skies of Arcadia are the two most requested games for high definition remakes.
Watch the Dreamcast gameplay trailer for Shenmue below: