In 1998, Neverland Co. were working on a third Lufia game, funded by publisher Nihon Flex, for the PlayStation. Said to be using a 2D isometric presentation, Lufia III: Ruins Chaser was reportedly 20% through development, and Natsume were set to publish it in North America.
Unfortunately, Nihon Flex went out of business, putting Neverland’s project on hiatus. When development continued, it wasn’t on the PlayStation, but on the Gameboy Color, as Lufia: The Legend Returns.
Unseen64 recently unearthed concept images from the original Lufia III: Ruins Chaser project, so you can hop over to their site if you’re interested in seeing them. Above is the trailer for Ruins Chaser that was shown off at the Tokyo Game Show in the Spring of 1998.