Inafune has recently been working on a different Mega Man styled game titled Mighty No. 9 with developer Inti Creates. Inti Creates, who also were a part of Mega Man games in the past, will be developing Azure Striker Gunvolt.
Azure Striker Gunvolt follows the story of a psychic powered rebel named Gunvolt. Gunvolt's main power is his ability to shoot lightning bolts at his enemies, with most of his adversaries seeming to be of the robotic nature.
As you can see from the trailer, the game is quite similar to Mega Man. It is a side-scrolling, platforming, mayhem-filled game. The whole style of Azure Striker Gunvolt looks like it's following the way of the games of the early 90s.
The game is set to be released on the 3DS eShop in the Summer of 2014 in Japan. Considering they put effort into subbing the video however, it would come as no shock if the game has a worldwide release as well.