In 2001, Square trademarked the name Chrono Break in the European Union and North America, as well as the name Chrono Brake in Japan. This made fans of the Chrono series very happy, as they assumed that Chrono Break was the name of the next game.
We have yet to see Chrono Break or any other new games in the series after Chrono Cross.
The fact that Chrono Break doesn't exist hasn't stopped Simon S. Andersen, the creator of Owlboy from making his own trailer for the game.
Simon S. Andersen likes to make mockups of fake games in his spare time. His version of Chrono Break seems to be either a 32-bit style game (which makes sense, considering the time when the name was trademarked) or a retro remake in the style of a lot of recent games.
Simon has confirmed on Twitter that this mockup is in no way endorsed by Square Enix or any of the former staff who worked on Chrono Trigger and only exists for fun.
What you're about to see does not exsist. It is not endorsed, licensed or under development.— Simon S. Andersen (@snakepixel) August 26, 2018
I make game sequel mockups for fun, and after planning to do this for years, I finally convinced myself to bring this to life. Enjoy. #ChronoTrigger #ChronoCrosshttps://t.co/3rOhmNQxMw pic.twitter.com/lAf4L2VB3q
Chrono Break seems to star a younger version of Magus, or possibly his child, who has teamed up with an older version of Lucca. They are facing off against a masked enemy who uses his powers to break the world in two, using an effect that looks like the time-traveling animation of Chrono Trigger.
Chrono Trigger has received two sequels to date, with the first one being the Japan-exclusive Radical Dreamers, which was released for a brief period of time on the Satellaview and only exists now due to emulation. Radical Dreamers is similar to the "Choose Your Own Adventure" style of books and doesn't have much to offer in terms of gameplay, as it is more of a narrative experience. If anything, it serves a better purpose as being the prequel to Chrono Cross than as being a sequel to Chrono Trigger.
The other sequel to Chrono Trigger is the polarizing Chrono Cross, which has divided the fanbase since it was first released in 1999. The consensus on Chrono Cross is that it is an excellent game, but it's a terrible sequel. The reason it is so disliked is due to how it retcons many of the happy endings of the Chrono Trigger cast and leaves them to grisly fates. Chrono Cross would likely have fared better if it wasn't connected to the series at all.
The only news in regards to Chrono Trigger since the announcement of Chrono Break was the Nintendo DS port of Chrono Trigger, which added a lot of postgame content, the appearance of a few Chrono Trigger tracks in Theatrhythm Final Fantasy Curtain Call, and a terrible Steam port of the game that has needed several patches in order to make it playable.
The chances of us receiving a new game in the Chrono series are slim, as a lot of people associated with the original game have shown no interest in a sequel. This doesn't mean that a new Chrono game is out of the question, as previous "impossible" games like Shenmue III are in development, so there may be some slim hope yet.
For the time being, all we can do is watch the fake Chrono Break trailer and wonder about what could have been.