Moon Phase this morning is that a new anime adaptation of a light novel series is in the works. This time around it's fantasy novels Densetsu no Yuusha no Densetsu, which translates to something like the Legend of Legendary Heroes, written by Takaya and illustrated by Saori Toyota. The novel series is published in the seinen light novel mag Dragon, which also publishes Slayers, Full Metal Panic!, and the newly-animated Omamori Himari (review pending).
As for the story, it takes place in the royal empire of Roland, where a unique student named Raina Ryuuto (that's a direct transliteration; I'm not sure if there's an official romanization yet) lazes away, uncaring about his studies...until he gets mixed up in a war between Roland and a rival nation, Estabule.
No word on a "when" for the show, but it sure sounds...legendary.