Valkyrie Profile: Lenneth originally came out as the PSP port of Valkyrie Profile, and Square Enix uploaded a new video entitled “First Teaser Trailer 2018,” suggesting the possibility of another remake or port.
However, taking into account that the trailer was featured on Famitsu App, the branch of game publication Famitsu which focuses on smartphone games, we are most likely getting new smartphone port, although we will know for real only in the coming days.
A official Twitter account for Valkyrie Profile: Lenneth has been opened as well, so do follow it for the latest details and information.
A smartphone port would make the most sense at this point, since the game was brought over to a portable device before. There is also no need to be concerned that this would be a free-to-play game as well, since there is Valkyrie Anatomia.