I know this is not much of a info and a sketchy one at best. But doesnt this look like Ryo's Jacket. But the questionable thing is, if this is indeed Sega's Shenmue 3, why is there a Square Enix logo on the screen. The only thing comes to my mind is, maybe they are the publishers for PC and for Xbox one down the line.

Honestly this looks like a job of someone with a lot of free time in hand and is good at photoshop.

Wasn't this in the E3 rumour thread on neogaf where people were proving how easy it was to make fake screens in response to the Crash fakes?

Yeah, I'm gonna take this with a grain of salt.

With E3 just around the corner, here come the Shenmue 3 rumours. Here we go again...

Stop playing with my feelings!!! D:

lol yup, and take photos of the monitor from a different angle to give it an authentic feel as if its leaked or taken on a big screen

The room looks too small. You can see the floor in the second shot. Looks like something on a computer screen that someone made a mock-up of. These rumors always come E3 time and never amount to anything.

Yeah, I call fake on this one.. There are similar images of Crash and Gears Redux for the PS4 on GAF.

Fake. And it's better this way. Sega nowadays isn't in the best of situations (focus on mobile, almos bankrupt, Atlus is their only studio with recent successes...). Even if it's a funded exclusive, Sega doesn't have the workforce or the interest to make a game this risky. Do you really want a Shenmue: Colonial Marines or a Shenmue Boom?

Shenmue: Colonial Marines sounds awesome :D