Square Enix just formed a new studio which will be developing brand new IP
Studio Istolia, based in Tokyo, will be run by Hideo Baba who previously developed the Tales of Berseria series. An announcement by Square Enix says: "Studio Istolia further builds on Square Enix Group’s vision to create new intellectual properties alongside existing Square Enix studios. Hideo Baba who has over 18 years of experience in game development will serve as the studio head."
The new IP's unofficial name is "Project Prelude Rune", and "The project aims to build a new RPG with a new fantasy: unfolding across a vast land teeming with life. Nurtured by the earth, the many peoples of this land dare to dream, fighting for what is just—and this is their tale." More details will be available in the future.
As for the new studio and the origin of its name, the announcement explains: "The name Istolia originates from the Greek word, ”story” and is central to the studio’s primary value. The aim of the studio is to provide unforgettable stories that will inspire players in their own lives, and bring new game experiences to everyone around the world."