The Chrono Gaiden/Break rumor has been around almost since Mistwaker started working for the X360.
The whole rumor started about a year ago, when Square Enix was rumored to be selling off 2 of their old franchises (rumored to be Square's Chrono series, and Enix's Ogre Battle series).
Although I don't put much faith in it, seeing as it's been awhile since the rumor started, and very little info since then (except for this ressurection of the idea), consider the following:
#1. Microsoft has yet to moneyhat a uber-name Japanese RPG. Yes, MS has Sak. but has yet to actually "buy" an IP. The closest rumors we've seen have been Verspira, and Last Remnant Time exclusivities. Buying an IP that's been dead as long as the Chrono series, from a finiancial point, might be a good move, as a XBLA version of CT/CC and a new franchise IP might be rather cheap, as Microsoft already has Feel Plus (Lost Odyssey) and Mistwaker on payroll.
#2. The Chrono Trigger staff worked on Blue Dragon, and from all news, really enjoyed re-establishing the "Dream Team" of Sakaguchi, Uematsu (who filled in for another uber-composer) and Toriyama - all of which worked on Chrono Trigger.
#3. SquareEnix is rumored......Get this (exclusively from your insider, MrStickball) to........Enjoy money. The Chrono IP, despite all of it's awe-inspiring high ratings, it's not making SE a dime right now. SE needs to make money off of it by either making another sequal without any (or atleast its unlikely they'd be able to) of the Dream Team, or anyone from the orig. team, or sell it to someone that can get the Team (which is Microsoft, or Mistwaker).
So because of those, I think its likely that CT could come to the X360. I am sure MS would want first dibs on a new CT game, as it'd definately make the JRPG fans flock, and would be about the 3rd highest rated JRPG franchise (outside of FF and DQ) come to the X360.
Back from the dead, I'm afraid.
