It won't be Ninja Gaiden 2.
It won't be a port. Microsoft has the publishing rights to Ninja Gaiden 2, unlike the first Ninja Gaiden, and they sure as hell won't want to publish it on a competitor's console.
That said, Tecmo owns the IP, and I expect that Sigma 2 will be a new game that includes all of the new features in Ninja Gaiden 2 (Like the Scythe weapon, finishers, over-the-top gore, etc.) without the same story line/level layout of NG2. That and Sigma 2 might be an improvement if Tecmo decides to fix some of the issues of NG2.
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