Thanks to Gematsu for the following information. During an annual call with shareholders, Falcom revealed that the next entry in their blockbuster RPG series, The Legend of Heroes: Trails of Cold Steel III, is being developed exclusively for the PlayStation 4. It will be the first entry to leave behind the PlayStation 3 and the PlayStation Vita. Since it is being developed solely for the PS4, a number of improvements can be expected, including graphics, controls, and frame rate.
The Legend of Heroes: Trails of Cold Steel III will be released sometime in Fall 2017 for PlayStation 4. Level Down Games will have more on Trails of Cold Steel III, including the (hopefully) eventual localization announcement, as it becomes available.