The first-person shooter re-imagining of Mega Man for modern audiences was titled Maverick Hunter. It was to be rebooted, with the support of Mega Man creator Keiji Inafune and developed by a team, including the talent behind Metroid Prime.
However, with the death of Keiji Inafune, the title lost all the steam and was eventually cancelled in 2010, as is the case with many reboots of such nature. At this moment, it was already 6 months into development, and apparently a working prototype had already been created by developers Armature Studios, reflecting the theme and feel of the game.
Mega Man’s armor was created by Adi Granov, the concept artist behind the Iron Man movies. Other concepts from the original were also changed for the modern audience. For example, the X-Buster was designed as a handheld gun which could transform.
Mega Man could also salvage the loot left behind by fallen enemies to upgrade his weapon. There was also a special move which switched the view to third person as Mega Man charged at his enemies and executed the finisher.
The game was intended as trilogy following the path of the original, with the third one featuring Zero. You can read more about the cancelled title over at Polygon.