ONM in the UK looks like it will have the scoop in its next issue. "And oh—it's online."
Scans from the current issue of the Official Nintendo Magazine in the UK have strongly hinted at the possibility of the publication revealing details on a new Red Steel game.
In the magazine's preview for next month's issue, Japanese characters and a red dot paint a white background, accompanied by the text, "Bigger. Better. Bolder. Bloodier. And oh—it's online." Red Steel is not mentioned directly anywhere in this teaser, but given the context of the pages it's highly likely the game in question is Red Steel 2.
We'll keep our eyes out for ONM's next issue and pass along any information on the game, should it appear.