This week’s Famitsu revealed a joint development project between Atlus and Arc System Works. 「Persona 4: The Ultimate in Mayonaka Arena」 is a 2D fighting game taking place two months after the events of Persona 4. It is being developed by the staff that brought us 「BlazBlue」. An arcade release date is scheduled for Spring 2012. Home console ports for the Playstation 3 and Xbox 360 will follow sometime in the Summer. A trailer can be found here.

The game will feature characters from both Persona 3 and 4. Confirmed characters so far are Main/Izanagi, Chie/Tomoe, Yosuke/Jiraiya, and Aigis/Athena.

*Screenshots:

In other related news, a 「Persona 4」 handheld port is making its way to the Playstation Vita.

*From Gematsu.com

Persona 4: The Golden is an enhanced port for Sony’s new handheld, adding new characters, animation movies, 1.5 times the amount of voice-overs, a new opening anime, and more. Marie, voiced by Kana Hanazawa, is one of the new characters.

Out in Japan in spring 2012, it will utilize the “communications capabilities” of PlayStation Vita.

[Source]