So far it's a rumor. However, according to some leaked out information, it's on Capcom's line-up of games for Q4 2008 - Q1 2009.

Sources:

TV
Advanced Media Network

Apparently, it's suppose to be an Action/RPG game.

Here's hoping it's an Original Series title. (For the love of God, please don't be another spin-off...)

Let the record show that I was aware of this leak of information last month, but neglected to make a newspost because it is still a rumor for all intents and purposes.

Hmm, I've never seen that picture before. Don't remember seeing it in Command Mission either.

Looks....questionable.

Mega Man looks like a Legends/Original Mega Man mashed together. Then there's that camo looking Mega Man. Maybe it's a mishmash of Search Man and Mega Man. Tell you the truth, I'm not too crazy about the art style they have here, but of course, it's probably not final anyways. But it's nice to see some new Mega Man art either way.

The other "Cutman" looks pretty beefed up. I really hope that isn't him though. We've already seen alternate versions of most of the Robot Masters turned into Net Navis already. Let's hope Capcom doesn't do it again in yet another spin-off. Unless it's a combination of the Original Gutsman and Cutman. Makes you think something of what the gameplay might be like...

Anyways, yes, I agree that a Legends 3 would be most suitable on the Wii. Let us hope Capcom finally gives us fans what we've wanted for all these years.

I'd personally rather have a Classic game more than a Legends game, but any console Megaman is a good thing at this point.