Its been a long time since we’ve heard word on Devil’s Third, and though we now have something to discuss, the news itself isn’t all too good. As posted on NeoGAF, reiterating Twitter accounts of industry journalists, it appears that THQ is re-evaluating the company’s stance on publishing the title, and may be looking to sell the rights to someone else.

Announced all the way back at E3 2010, Devil’s Third is set to be the next big game from Tomonobu Itagaki, the game designer best known as the ex-head of Team Ninja, and responsible for franchises like Dead or Alive and the Ninja Gaiden reboot series. Following in the footsteps of the former, Devil’s Third features larger than life characters making a right mess of everybody who gets in their way. Blood, guts, swords and guns. That kind of thing.

Developed at Valhalla Game Studios, founded by Itagaki after leaving Team Ninja, Devil’s Third was to be published by THQ. If reports are indeed correct, the game no longer “fits THQ’s profile”, likely a consequence of the company’s financial difficulties and portfolio restructuring.

As THQ do not plan to have a booth at E3 2012 (though will still show off games in some form), it is unknown if Devil’s Third will make any appearance at all. If it does, Rocket Chainsaw’s attending staff will be sure to get the scoop on the project’s status.