As well as an HD remaster for the original game.

According to the latest issue of Famitsu, a new Valkyria Chronicles game is in the works, titled as Valkyria: Azure Revolution, the new game will feature new characters and a whole new storyline. Gematsu managed to provide a translation to the details about the new Valkyria game:

Prologue

With the discovery of the azure mineral Ragnite, the powerful Rus Empire achieved rapid industrial development and expanded its territory. Jutland, a small country, is econmically blockaded by the large country, and advocating “independence and freedom from colonial rule,” strikes the empire army’s base.

Characters

• Amleth – The protagonist. The commanding officer of the Jutland Kingdom’s elite Anti-Valkyria Unit.
• Ophelia – The heroine. The princess of the Jutland Kingdom.
• Brynhildr – A Valkyria sided with the Rus Empire that stands before the heroes.

System

• “Gouache” Drawing Engine – Through detail and vivid color, the game is depicted in a painting-esque visual presentation..
• “LeGION” Battle System – A rela-time battle system with added simulation elements. Details are still unknown, but in the screenshots, you can see all party members attacking at the same time.

Staff

• Developer: Media Vision
• Character Models: Flight Unit
• Chief Producer: Youichi Shimosato
• Producer: Katsura Mikami
• Director: Takeshi Ozawa
• Character Design: Hiro Kiyohara, Takayama Toshiaki

The original Valkyria Chronicles is also getting a release for the PlayStation 4 as a remaster, with improved visuals, inclusion of DLCs and Trophy support. the remastered game will be available in February 10, 2016. As for Valkyria: Azure Revolution, it will be having a Winter 2016 release. A series of scans from the Famitsu issue have been uploaded to give us an impression of the new game.