Correction: It has since been learned this story was a hoax. The images were made by a Japanese fan who posts on a message board named ch2. if you look in the credits in the second picture below, the Japanese group Malice Mizer is mentioned, who actually has split up. Not being a follower of J-bands, I overlooked this detail. Being a hoax also explains the somewhat odd naming convention. Chances are likely if and when a SaGa game DOES appear on PS2, it will have a new, unique title. Big thanks to the GIA for this information, and our apologies for the confusion (and if you were interested, apologies for getting your hopes up). The original story will remain below:
Today it was revealed that Square is working on the latest in the long-running SaGa series. In a bit of a surprise move, the game will continue the name from the Super Famicom versions. In the past, each time the series has moved to a new platform, the SaGa series has had a different name: Romancing SaGa on the SF, and SaGa Frontier on the PlayStation (the first three were on the Game Boy, released here as Final Fantasy Legend 1-3).
While no details have been released thus far, the promotional images shown so far do sport a PlayOnline logo, meaning the game will either be online, or have some form of online capabilities. Check out both images below:
Thanks to GameFront for said images.