Famed game creator Keiji Inafune has announced his next project, and according to Andriasang it's a pirate themed Nintendo 3DS title called Kai-Oh in Japan, or King of Pirates.
It's an action-RPG with multiplayer support where you play as a penguin (!). That's pretty much all we know at this point about the game that's is being primed for release sometime next year.
The game is being developed by Inafune's Intercept and the recently merged Marvelous AQL.