Headed by Ninja Gaiden creator Tomonobu Itagaki, the team plans to turn the action title into a "blockbuster franchise" with the launch of manga, novels, animation and film, reports CVG.
The plans were outlined in a Valhalla statement after the game's rights and intellectual property were officially returned to the studio from THQ.
"Valhalla Game Studios would like to announce that after negotiations with THQ and with their generous cooperation, both parties have reached an agreement whereupon all rights related to the Devil's Third project, including development and distribution rights, have been transferred in full from THQ to Valhalla Game Studios.
"In addition to the home console and PC versions, we at Valhalla Game Studios intend to bring the Devil's Third universe to a wide range of digital devices.
"We are also looking beyond the boundaries of video games and plan to work with other various forms of media, including manga, novels, animation and film, to create a blockbuster franchise.
"We will continue to do our best to fulfil your expectations, and we sincerely hope for your continued encouragement and support," concludes the statement.
Devil's Third was announced in 2010 as the first action game from Ninja Gaiden creator Tomonobu Itagaki since starting his Valhalla studio.
Watch a trailer for Devil's Third below: