This could go a long way toward restoring fan confidence in Square Enix. Then again, it might just be another of the many rumors to involve the company that have arisen and disappeared in the past decade.
You may recall that Agni's Philosophy tech demo that everyone ooh-ed and ahh-ed over for some time. It was created with the help of the Luminous Engine, which is widely expected to be used for a few Square Enix next-gen projects.
Well, based on one unnamed source (who made it clear that he was hearing this from a former internal source; i.e., a former S-E employee), it seems S-E has at least been toying with the idea of using that fancy new tech in a new Chrono title. You remember, right? There was the legendary Chrono Trigger on the SNES and Chrono Cross on the original PlayStation, which garnered a ton of praise and is commonly viewed as one of the best RPGs ever. Fans of both games will also remember the "Chrono Break" rumor that started early last generation.
If the project ever existed, it obviously dwindled away to nothing over the years. But according to the source, the name "Chrono" has never disappeared entirely and a whole lot of old-school designers at the company would love to see it return. It seems they might get their chance when the PS4 rolls around, and the Luminous Engine will go to work. Take this with a grain of salt, if you wish; it's probably a wise thing to do. Square-related rumors are iffy at best.