While it isn’t their first appearance in a video game (see Naruto: Ultimate Ninja 3), the First Hokage and the Second Hokage are playable characters in Naruto Shippuden: Ultimate Ninja Storm Generations.
The news comes from V-Jump, which shows the First Hokage engaged in a battle with Yamato. Another screenshot shows Tsuande fighting the speedy Second Hokage. The magazine also confirms Naruto Shippuden: Ultimate Ninja Storm Generations will support worldwide online matches.
Namco Bandai has the game slated for a spring release on PlayStation 3 and Xbox 360 in Japan.