New reports out of Kotaku and Eurogamer suggest that Retro Studios is busy working on a Star Fox: Grand Prix racing game. That's the good news for the studio that previously brought you the Metroid Prime trilogy. The bad news is that their other projects may be cancelled.

These leaks originally hit Reddit and 4chan this weekend but have been reported by a number of additional sites. The Reddit details were first brought to light by user DasVergeben, whom apparently has a rather spotty record when it comes to these types of rumors. He says that the game is a racing game that is "like Diddy Kong Racing mixed with F-Zero." The logo, seen above, was separately revealed via 4chan.

Two additional sources told Kotaku that the Austin, Texas based Retro may have had other projects that are cancelled. One in particular was plagued with a "rocky development cycle."

As with all rumors, take these findings with a grain of salt until proven to be real or fake. It may be that we won't see nor hear about Star Fox Grand Prix until at least E3 if these rumors are true.