The only solid thing we know about Soul Calibur V is that it's in development. But one of the main developers behind the series, Daishi Odashima, has used his twitter account to share a bit more on the subject of Soul Calibur V.
"Who does everyone think is SC's main character? Personal favorites aside, seems like everyone thinks Siegfried is the main character. At least for the more recent series. All I can say for now is the main character for the new game will not be Siegfried. Keep it a secret! The main character cant be revealed yet so use your imagination for now. All I can say is he/she will be deeply involved with the two swords."
Odashima also tweets that the game has been given an increased budget, something he is very happy about:
"My recent work is to get a higher budget for the game from the company! I've said this before but I want the new game to have better tempo and better pacing."
It is unknown at this time when Namco Bandai will unveil Soul Calibur V, but their upcoming Level Up event this spring or possibly E3 or TGS seems like three likely occasions.