The game's logo, obscured by the biggest watermark ever
A very brief mention in a Japanese magazine unearthed by NeoGAF member neo2046 confirms the existence of Soul Calibur Legends.

Soul Calibur Legends, rumored by IGN in a podcast, is a departure from the Soul Calibur series' fighting-game roots, bringing it into a Zelda-style adventure. Wii Remote fighting will reportedly be available.