The news fell today: on the Japanese site for Mega Man Universe, a message explains that the game has been cancelled and as such won't be released. Considering how it had been several months since the last news update, several people assumed that the game was being retooled after it's initial display.

This means that the only Mega Man title currently set for an international release is Legends 3, although that still has to be confirmed. With the usual set of Spring press events coming up, including E3, it's entirely possible that Capcom will reveal something new in the coming weeks.

Source: Joystiq

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