In an interview with Siliconera, Takashi Tokita, the original creator for Chocobo Racing on the PlayStation, said that the 3D port of the game is no longer in development.
"The original Chocobo Racing was made by me," Tokita said. "But the one for the 3DS was a project being handled by someone else, and as far as I know, it has been closed. Now, if I had made it, I would have made sure that it came out. Unfortunately I was not!"
Chocobo Racing 3D was announced before both Theatrhythm and Bravely Default, but not much as been heard about the game since. Square Enix has not yet confirmed whether what Tokita has said is true.