South Korea's NeoWiz has been working on a MMORPG version of Mega Man, dubbed Rockman Online (Mega Man Online). However, corporate restructuring earlier this year appears to have impacted development. Rockman Online's lead artist, Kang Dong Hwa, seems to have indicated on his blog that the project has been shelved. However, he apparently did not specifically mention the name Rockman Online.
The artist, whom Kotaku previously featured, posted a slew of concept art for the game—some of which you can see here. Kang is currently looking for work. But with talent like his, he should land somewhere pretty quick.