Well, you don't license engines for no reason.
According to Famitsu and as noted by Andriasang , Square Enix is currently working on an "original action RPG" that utilizes the Unreal Engine.
We don't know much about the project just yet, but Ryutaro Ichimura is part of the process (he's typically a producer for Square Enix titles), and we know it isn't part of the Final Fantasy or Dragon Quest franchises. The interesting part is that Ichimura told Famitsu that the team "traveled the world for the past two years and conducted user surveys to research art and gameplay direction for the game." As of now, the basics have been finalized and Famitsu showed off some concept art for the main character, heroine, and boss (at least, that's what we think those pictures are).
Square Enix is also looking for planners, programmers (network, 3D graphics, physics, animation) and designers (art, motion, VFX, background modeling and character modeling) for the mystery project. Personally, I've always wanted another full Dragon Quest for consoles…DQVIII remains an enduring favorite.