Yeah, pretty much most of what I was going to say has already been posted.
Square (I call 'em Square) had the rights to the titles of Chrono Break in the U.S. and Chrono Brake in Japan. Later, however, Square had given up the rights to the title of Chrono Break in the U.S. but still hold on to the rights of the title of Chrono Brake in Japan. There are absolutely no other Chrono titles that Square have rights to except for Chrono Brake in Japan. There has absolutely been no further news on Chrono Brake to my knowledge, but Square still keeps the rights to the title of Chrono Brake in Japan. This still means that they are at least thinking of making a new Chrono game to add to the series.
I noticed that CT for the SNES was made in 1995, RD for whatever system was made after CT around that time, CT for the PSX was made in 1999, and that CC was made in 1999 as well. Whether or not that these are exact years, notice the distance between the years of these game's being released. That amount of time has been exceeded so I had theorized that mayhaps they will release it sometime soon? Of course, I highly doubt that my theory is correct in any way and that the distance in years has nothing to do with when a game will be released, but it was something to merely think about. Also, as was already stated, Square could be waiting for the newest system (PS3 perhaps?) to come out so they could start making the game and such. I don't personally know but we can always hope since Square continues to hold the rights to the title of Chrono Brake in Japan.
I personally hope that Chrono Brake, if released, will answer all the questions that the series (mostly CC) has left us with, will fill in ALL the plotholes and mysteries that we have discovered, will involve Janus without a doubt, will perhaps tie in CC with CT a lot more, and conclude the series as a whole. And I hope that this will be a damn good game for such a great series and for such a long wait.
I would also like to add that I am glad, to my knowledge, that Square has scraped ALL other Chrono projects that include the 3D Chrono game, Chrono for PSP, etc etc. We do NOT need any of these remakes and such, what we need is Chrono Brake.
There's my two cents, and if any of the information that I have posted is incorrect, feel free to correct me anytime.