The Magic Box has the following to say about the upcoming Rockman X7:
Capcom will release Rockman X7 for PlayStation 2 in Japan by the end of this year, this is the first time the series hit PlayStation 2. This time the game will be in full 3D, you can play as both Rockman X and Zero. A new Double System is added to the game, allowing both characters to execute their special attacks simultaneously.

Of course, the game being in early stages, that release planned before the end of the year in Japan might very well be pushed farther. No news about an american release yet­.
News credit: Rockmangames