Mistwalker, the company established by "Final Fantasy" creator Hironobu Sakaguchi, recently announced that it is teaming up with Silicon Studio in developing a new video game.

Silicon Studio is best known for creating the video game "Bravely Default" for the Nintendo 3DS platform.

Not much was revealed regarding the project Mistwalker and Silicon Studio will be working on. However, the two studios released a piece of concept art which fueled speculations regarding the project.

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The concept art was made by artist Kimihiko Fujisaka who claims that he had been working on the piece for more than seven years. Based on the released concept art, fans speculated that the project Mistwalker and Silicon Studio have been working on might be related to the console version of "Terra Battle."

 Following the success of "Terra Battle" on the mobile platform, Mistwalker, the game's developer, promised fans that it will release a console version of the game in order to further promote it. Sakaguchi confirmed that his studio is in fact working on the "Terra Battle" console version since April 2015, but not much was revealed aside from that.

According to IGN, both Silicon Studio and Mistwalker did not provide any details regarding the upcoming video game. No release date timeline was announced, as well as the title or genre of the game.

According to Gematsu, the art piece released by the two studios dates back to 2009. The art piece had been long tagged to the console version of "Terra Battle." The report added that Mistwalker will handle the creative aspect of the game while Silicon Studio will take care of technological strength as well as long-term management of the project.

The two companies promised that they will create a game with fresh ideas with an original setting.

Mistwalker had released several popular titles in the past including, "Blue Dragon," "The Last Story," and "Lost Odyssey." On the other hand, Silicon Studio had also carved a name for itself in the video game industry by releasing titles such as "Grand Sphere," "Monster Takt," "Age of Ishtaria" and the follow-up to "Bravely Default" called "Bravely Second: End Layer."