Titled Ninja Gaiden Z, Japanese developer Keiji Inafune made the announcement at a Team Ninja event.
The game will follow protagonist Yaiba as he attempts to track down Ryu Hayabusa.
"The collaboration I'm announcing today is almost like a dream come true," said Inafune. "The reality for a lot of creators is that they can't make the games that they really want to make.
"There are boundaries and rules and people that have some say. I'm very happy that I'm here today being able to make the games that I really want to make."
Inafune will be working with Team Ninja and Lost Planet 3 developer Spark Unlimited on the project.
Ninja Gaiden Z will be released on consoles, though no specific platforms were named. The title was teased last week, with the project codenamed 'Yaiba'.
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Watch the teaser trailer for 'Yaiba' below: