This early leak comes from Tale Tale Source (3/13). Slated for a release some time later this year on the PlayStation 3 (via Kotaku), there is no official word yet on whether or not the game will be getting a Western release, but based on the fact that the previous two games in the series were localized, there is a good chance that this sequel will be also.
It's been a long time since we've had a Drakengard game, with Drakengard 2 debuting on the PS2 late in its life cycle. So this late release on PS3 suggests that perhaps the game has been in development for quite some time now.
Keep in mind that the Drakengard games have each been developed by Cavia in the past, the Square Enix contracted team that was disbanded after the cult classic Nier (which was also localized, thank goodness for that) didn't quite reach the sales that they were hoping for.
It seems players will take control of two sisters, Zero and One (or "Wan") in both ground and air combat. The focus on magical attacks seems to be on the power of song and the amount of blood the characters accumulate for killing on screen opponents. It's a bit darker sounding than the previous two Drakengard games, of Drag-on Dragoon as they're called in Japan, and that's just fine.
This time Square Enix seems to be sticking around as publisher and there's no word yet on who's developing the title, since Cavia was regretfully disbanded. This is an exciting time for Drakengard fans, however few they may be (myself included) and all we can do now is wait and see. With the attached video that goes with this article you can see just what to expect with this new installment based off the first game's riveting cinematic.