Yup, except it's not going to be called "Yggdrasil Labyrinth" anymore but, "Etrian Odyssey". The press release from Atlus USA is as follows:

Directed by Kazuya Niinou (Trauma Center: Under the Knife), with story design by Shigeo Komori (Shin Megami Tensei: Devil Summoner) and sound design by the legendary Yuzo Koshiro (Actraiser, Streets of Rage), Etrian Odyssey is currently scheduled for release in the first quarter of 2007.