According to this Ripten story, a Sega admin has confirmed that Sonic & The Black Knight is a real project.
The game popped up over the weekend, seen featuring on an upcoming cover of US mag Nintendo Power.
“I can confirm the game is indeed real, however you won’t get any info on it from me, you’ll have to wait until we post the product page tomorrow on SEGA.com and read the Nintendo Power article,” said the staffer.
The tomorrow the guy refers to there is today. So watch for more details later.