I almost lost track of this game, which was first announced in 2008. Ubisoft has been very silent about this title and all we know is that the game is still in development but its mastermind is currently working hard on finishing Rayman Legends.

However, some details slipped that basically confirms they're reserving this for next-gen hardware by saying:

""We won't make promises that we can't keep," Ancel said last November. "I can say that it's a very ambitious game and we need some tech to achieve that ambition."