The developer — famous for Odin Sphere and Murumasa — confirmed that the title will release on PlayStation 3 and PlayStation Vita. UTV Ignition's handling publishing duties.
The game's pitched as a "dazzling new multiplayer online adventure" and its the first VanillaWare title to feature HD graphics. In addition, Dragon's Crown has four-player co-op with online functionality. It's due out in 2012.
As for the game itself, Dragon's Crown is a class-based dungeon crawler set in a medieval fantasy world. The goal is to "unlock the secret behind the ancient dragon threatening the world".
Like so many other VanillaWare titles, Dragon's Crown promises rich, hand-drawn animation. The game will also feature cross-platform functionality between the PlayStation 3 and PlayStation Vita.