Square Enix and Konami are teaming up to produce a game.

Famitsu magazine have released details of Kojima Studios teaming up with Square Enix's Final Fantasy Studios to create a Metal Gear/Final Fantasy type of game.

Although not a lot has been released about this game, it is believed that the game is a strong mix of fantasy and stealth elements, which is what the two studios are famous for. Thus, the game is being described as a tactical RPG and will borrow elements from Final Fantasy Tactics and Metal Gear Acid.

Nothing more is known about the project, and there won't be a stand for the game at E3.
Source: Final Fantasy Forums