There has been much speculation regarding the highly anticipated "Pokemon Z" on 3DS. However, up to this point there has been no official word from Nintendo and The Pokemon Company. As stated in a report from Movie Pilot, information was expected to be released in the December issue of CoroCoro magazine.

Unfortunately, no information regarding the game has been released. Instead, the magazine features more information regarding the differnt forms of Zygarde as well as the announcement of the new legendary Pokemon known as Volcanion. 

Volcanion, as shown in a previous report, is the first hybrid Pokemon that is both water and fire type. The legendary Pokemon is described to be one of the most powerful in the roster and is known as the Steam Pokemon. The powers of the new Pokemon have been showcased in the magazine but with no mention of "Pokemon Z."

However, given that there is a lot of emphasis lately on Zygarde, it is likely that there will be an announcement for "Pokemon Z" soon. The 20th anniversary of the franchise is coming up this February and it is likely that a world wide announcement will be given at that time instead of showcasing it in a magazine article.

At this point there is no official word regarding the setting or story of "Pokemon Z." However, given that it may be an enhanced version of "Pokemon X and Y" it may be set in the same world as the latter two and may even follow the same story, with more emphasis on Zygarde instead of Yveltal or Xerneas.

"Pokemon Z" is expected to release some time in 2016 but as there is no official announcement from The Pokemon Company, this should still be considered an unsupported rumor. More information is expected to be released during the franchise anniversary celebration.