Does anyone remember Project Progressive? It's supposed to be Itagaki's response to Bayonetta, kind of, because it's supposed to redefine the action adventure genre or something. Apparently it was one of the 360 exclusives Itagaki was making along with Code Chronos and Ninja Gaiden 2, but I'm not sure what that means now. Supposedly, it has been in development for over three years, and it was roughly 80% complete before Itagaki quit, so there's some chance it could be Tecmo's project. It hasn't been announced yet, though it was leaked so it qualifies.
Here's some concept art from the game from IGN: