According to a blurb from Pokémon Company president Tsunekazu Ishihara's upcoming television appearance on Japanese TV show NHK Professional: Shigoto no Ryuugi, there is a Pokémon game with Pikachu in development.
"This summer, Ishihara started development on a never before seen game," the description reads. "It's a new game featuring the very popular character Pikachu in a bold way. There is concern, however, that if it's bad the long loved character would lose popularity in the blink of an eye."
Could Pikachu ever really lose its popularity?