In September 2006 news broke that Capcom's Devil May Cry series would be coming to Sony's PSP console. Almost 3 years later however the publisher/developer has decided to cancel the project according to the latest edition of the Japanese gaming magazine, Famitsu as news comes via IGN.
Initially hinted at in 2005, Capcom planned to release 10 PSP games and 3 DS games by the end of March 2006. Of those 10 PSP titles, both Viewtiful Joe and Devil May Cry were included, however very little information was ever released about the game and confirmation was never given.
When Devil May Cry 4 was announced for the Playstation 3 (when the series was still exclusive) in 2006 though, the game was officially revealed on the Japanese homepage. The only information revealed about the title was it would be a "stylish action" game. Whether the game was a planned port of the PS2 games or the yet to be released 4th game remains unknown, but it would stick to the game's history of gameplay, unlike Konami's Metal Gear Solid Acid spin-off series.
Famitsu have been wrong about these types of reports before, but it would appear they are spot on this time around, especially since Capcom haven't spoke about the game's development at all since it was announced. The game's page has also been removed from Japanese home page.