Persona 5 or as Famitsu refers to it "the next numbered title" is in development and familiar staff are working on the game.
They already outlined the game’s theme and the staff plan to challenge more new things than Shin Megami Tensei: Persona 3 did. The PlayStation 2 title revamped the Persona series from a straight dungeon crawler by adding dating sim-esque social links. It sounds like the team is saying they plan to revitalize the Persona formula with new elements.
While Catherine, the first HD game from the Persona team, was built with the Gamebyro engine. Persona 5 will use an internal engine. Director Katsura Hashino believes this will make development smoother, but also said to the magazine it will be quite some time until the game is released.
In the meantime, Persona fans can look forward to Persona 4: The Golden for PlayStation Vita and Persona 4: Ultimate in Mayonaka Arena for PS3 and Xbox 360.