This morning, at Sony Computer Entertainment's pre-Tokyo Game Show press conference, SEGA announced its latest installment in the Phantasy Star franchise, Phantasy Star Nova. The game, set in the same universe as Phantasy Star Online 2, will be an exclusive to the Playstation Vita and will feature an offline, single-player story, as well as online co-op for up to four players.
The title is being developed by tri-Ace, also known for games in the Star Ocean and Valkyrie Profile franchises. There was no indication if Phantasy Star Nova might make it to the West, but it is slated for a 2014 release in Japan. More details are to be revealed next week, during the 2013 Tokyo Game Show.
Update: More details have emerged, courtesy of Shogai PSO and Mike in our forums, be sure to check them out in the forum tags above!