A JP press site accidentally shared the full announce for Tengo Project's next game ahead of time: as their many extremely unsubtle teasers have indicated, they're remaking the FC/NES co-op ninja side-scroller ้ใฎไปไบไบบKAGE / Shadow of the Ninja (Blue Shadow in Europe), and it'll be out in the spring of 2024 for the platform of your choice (which not only includes PC from the jump but, for the first time, Xbox). It'll be playable at TGS next month, so it won't be too long before we're all able to see it in action.
They're touting it as a "completely new work" but I think they only mean that in the sense that they're obviously redrawing everything from scratch, not that they intend to deviate dramatically from the content or structure of the original (and to be sure, the screens they've shared are very recognisable as derived from the original game.) They have already confirmed that the two player-characters will have distinct moves and abilities, as opposed to the original where the changes were purely cosmetic.
In addition to (re)confirming the participation of former Natsume composer/sound designer Iku Mizutani, they've also collaborated with Dynamic Pro on the key/character illustrations... that is, Dynamic Pro the corporate entity, but not the actual artist who drew the original illustrations, and A/Bing the original illustrations vs. the new ones makes that very clear:
Tengo Project's formally pulled the trigger on the Shadow of the Ninja reveal, which now includes a website and a trailer that makes it very clear this new game is a far less rigid reinterpretation of the original game than their previous revival projects. (Given that two of their last three games very consciously added a thicker lady to the roster of playable characters, I'm going to assume Kaede's new proportions are not merely a consequence of trying to sync with the toonier style of the new illustrator.)
Click through for some key art of the first two bosses:
