Over on the Lost Levels, a forum member dug out an old issue of PSM from Tokyo Game Show circa ten ears ago where Atlus demoed a networked PlayStation 2 game. The game shown in the scan doesn’t even have a name, but it’s reportedly a fantasy action/adventure title.
7HeroesForceBattle points out the monster looks strikingly like Cerberus from the Shin Megami Tensei series. I have to agree, if you include the red thing on its back, which could represent the player.
Since this scan was from Tokyo Game Show 2000 it’s two years before Shin Megami Tensei Nine and three years before to Shin Megami Tensei: Nocturne.