Megaman Universe has been canned by Capcom.
The news was delivered by an official message on the Capcom Japan website.
The message itself was, as you'd expect, in Japanese but NeoGAF user duckroll paraphrases the message as giving no reason for the cancellation and just saying that the game will no longer be developed or released.
This might not come as much as a surprise since Capcom has been pretty quiet on the Megaman Universe front since a US Capcom trademark on the title was uncovered last year.
Megaman Legends 3 was also announced for the 3DS last year, it's still uncertain where this latest news on Universe leaves the franchise as a whole.