Falcom's been teasing this for a few months, but now it has an actual website, though the New Project subtitle is presumably a placeholder:

https://www.falcom.co.jp/txk/

via https://www.reddit.com/r/Falcom/comments/1b9gx98/tokyo_xanadu_new_project_announced/

Well - Now, more than a year later, nothing new from Falcom.

I get they are busy with the latest releases and of course the remake of Trails In The Sky announced for fall 2025, but still.
I think it's disappointing that there is a complete radio silence about this new Tokyo Xanadu game.

Even more disappointing is that they never ported the very much improved translation from the Tokyo Xanadu Switch version to the PC version. Lucky enough it's easy to mod in by ourselves, but it would be nice if Falcom made that little bit of effort to give a "official" patch.