Alright, here we go: a preliminary translation of the Coro Coro character design contest courtesy of multiple people.
First and foremost the article does not outright say a series will be revived, however there is a possibility the contest pertains to a new installment from a inactive series based upon the fact that there are no specifics regarding what kind of character to design--it's all open ended. This could relate to something old or something entirely new. We don't know at this point.
That said, Coro Coro will officially unveil the contest details on February 13th, 2009. The judges for the contest will be Keiji Inafune himself, Capcom development staff, and editor of Coro Coro Comics. The winner will be announced in Coro Coro's May issue (coming in April).
First prize winners will have their character appear in a "new Rockman story" and receive oodles of Rockman goods. Second place winners will receive Rockman goods and a special Coro Coro item.
So pretty much, this contest could be anything. Let's wait and see!
News Credit: Vixy, Thomas, Anonymous, Uncle Bob