There's not too much info on it, but judging by the teaser website for the game, Sword or Whip, it's not too hard to guess what he's going for here.
Here's an older article on it, before the site launched on May 4th, summing most of it up:
Nintendo Life: Rumour: Koji Igarashi's Castlevania Successor Could Rise From The Grave This Week
I'm a huge (to the point of it being just silly) fan of IGA's Metroidvania games and I couldn't be more excited to see the master at work once again. Especially with IGA leaving and after seeing how Konami's Castlevania "reboot" with the lackluster God of War and Shadow of the Colossus clones, Lords of Shadow, started tumbling down on a windy path, killing all hopes for the actual series to ever continue as grand it used to be.

If Destructoid's editor-in-chief Jonathan Holmes is to be believed, a Kickstarter for this thing is launching on May 12th.
I don't know about you, but I'm rooting for #ClanIronFlail. May this be a welcome and successful contribution from IGA!

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