The title in question was a game called Maverick Hunter. Apparently word on this surfaced earlier this years but I just found out a few days ago.
Maverick Hunter was being developed by Armature Studios, which was founded by 3 key developers of Metroid Prime 3 and Trilogy, up until Capcom shut it down in 2010. Videos show that Armature was making substantial progress. Shame the game never say the light of day.
The game was also to be the first in a trilogy. In the first 2 games you would play as Mega Man X, who is sporting a new, more robotic design created by Adi Granov, the man behing the designs of the RDJ Iron Man (Maverick Hunter X concept art by Adi Granov),
and in the 3rd game you would play as Zero in a mission to destroy X as he became too powerful over the course of the past 2 games.
It was also planned for X to have a human sidekick in order to show the relationship between Man and Machine and show how X was apparently MORE human than his sidekick.
As Capcom cancelled this and others, I don't know. Some say they hate the fans and Mega Man, while others say they don't know what to do since Mega Man's creator Keiji Inafune left. Either way, it was another stupid move. This game could've been as great as the Metroid Prime series before it.