The title will be a "turn-based tactical RPG" that might be the 3DS version of Ghost Recon.
http://www.nintendoworldreport.com/news/23872
Julian Gollop, the co-creator of the original X-Com, is working on a "turn-based tactical RPG" for the Nintendo 3DS launch, according to a comment made on a recent Gamasutra article.
Tiny Cartridge uncovered the story, and also discovered that Gollop has been working with Ubisoft Bulgaria/Sofia for the past three years. More specifics about the title are unknown, but it could be a whole new property, or even Tom Clancy's Ghost Recon: Lead the Ghosts, which was recently announced as a 3DS title.
In the comment thread, Gollop also thanked the Nintendo handheld scene for keeping turn-based strategy games alive, and even compared Pokemon to his work on X-Com.
