As per developer Falcom's latest financials report, it looks like the next Ys game — probably titled Ys X — will release before the end of September, 2023. However, it should be noted that this report only refers to the Japanese market — meaning that the West may have to wait a bit longer for a publisher like NIS America to bring the game overseas.
Still, it gives us some idea of how far along Ys X actually is. The title was first teased with debut artwork back in the summer, but Falcom's yet to fully announce the project. We imagine that'll be happening soon.