Square-Enix has something planned for Valkyrie Profile: Lenneth. We just don't know what. A vague trailer for Lenneth dropped today, and Square-Enix also opened a Twitter account for the game. Whatever's happening, it's happening later this year, and Square-Enix isn't ready to say more yet.
The original Valkyrie Profile is a classic RPG for the PlayStation. Developed by tri-Ace and published by Enix in 1999, it tells the story of a Valkyrie who collects souls and trains them for varying purposes. An enhanced port of the game, Valkyrie Profile: Lenneth, came to the PSP in 2006. Whatever Square-Enix has planned for the new Lenneth, it's probably based around the portable iteration of the game. Maybe that means an HD remaster for the Nintendo Switch—though I shouldn't jump to conclusions.
Valkyrie Profile got a sort-of prequel two years ago with Valkyrie Profile Anatomia: The Origin on mobile. It's a free-to-pay game with Gatcha mechanics, in-app currency, and the general song and dance you should expect from Square-Enix's mobile games. It's a popular download, and Square-Enix might feel motivated to capitalize on that popularity.
We recently gave Valkyrie Profile some coverage over on Axe of the Blood God, where we included it in our discussion about best RPG endings. Kat's talked at length about what makes Valkyrie Profile a special RPG, so rest assured we're going to keep an eye on this project's development.