Eternal Champions lives in the hearts of many old school fighting game players as one of the best titles in the 16-bit era. Having a unique niche as a console-only title, it and its Sega CD sequel–Challenge from the Dark Side–received large amounts of praise in the North American markets. It was a big enough hit that Sega of Japan actually canceled a third potential title for the Saturn, out of fear that it would draw too much attention away from Virtua Fighter. To this day, the intellectual property has been unavailable to series producer Michael Latham.
That has not prevented him from moving on. He has recently released a poll to the community, asking players if they would like a “spiritual successor” to the Eternal Champions series. As a spiritual successor, it would not retain any of the characters or story of the original, but would be using mechanics similar to the original in a more modern format.
Source: SRK Forums