In the first Nintendo Direct video of 2016, Tsunekazu Ishihara of the Pokémon company hosted a Pokémon Direct celebrating the 20th anniversary of the Pokémon series. During this retrospective, it was revealed that the next generation of Pokémon is now in development for the Nintendo 3DS. Pokémon Sun and Pokémon Blue will be released in the holiday season of 2016. No footage or major concept art has been publicly released at this time. You can see the entire 5-minute direct and announcement trailer below.
In addition, the original Pokémon Red, Blue, and Yellow versions are now available for purchase on the 3DS eShop. It was announced that Pokémon caught from these games can be transferred to the Pokémon Bank and exported to other 3DS Pokémon titles.