The game, entitled No More Heroes: Eiyuutachi no Rakuen (Heroes' Paradise), has been on the cards for a while going on comments by franchise creator Suda 51.
Scans from Famitsu show a ported version of the original game. It'll be out Febraury 25th. No word on whether the game will support Playstation Motion Controller, but going by the release date, we'd hazard no.
Seriously though, this is most definitely amazing news.