As reported by SEGAbits, the Dengeki Playstation magazine asked some Sega developers (including Satoshi Sakai, producer Phantasy Star Online 2), some direct questions about the future of various Sega franchises, including the Panzer Dragoon series.
Satoshi Sakai was asked if Sega would ever make a new game similar to Panzer Dragoon:
Q: We want to see another game with a dragon lead character like Panzer Dragoon.
A: I would like to make it, but I’m sorry to say we’re in a difficult place for something like that to sell.
This answer is unfortunate. I can only imagine what a Panzer Dragoon-style game might look and play like on modern hardware (with gameplay and story telling refinements from the last 10+ years of gaming evolution). Perhaps we’ll still see a new entry in the series if alternative funding methods are considered, as with the revival of Shenmue III after 13 years. Otherwise, we’ll always have our memories.
You can read the full interview on Gematsu.