Holy shoryuken on a pogo stick Batman! Two of the biggest fighting series giants of all time are finally going head to head as Capcom and Namco have officially announced that not one, but two crossovers are in the works.

That’s right folks, Capcom have announced at Comic-Con that they are working on Street Fighter X (cross) Tekken that (confirmed) will run on the Street Fighter IV engine/system and at the very same time, Namco are working on Tekken X Street Fighter that will presumably be running on the Tekken engine/system.

A live demo was given of Street Fighter X Tekken and we have the gameplay video and screenshots as well as the teaser trailer up after the jump.

Kazuya… and Ryu… on the same screen… AT THE SAME TIME. Watch. Now. Tons of more stuff after the jump.

While this is actual gameplay footage, it is incredibly early footage and with the way that things usually go, this will do nothing more than give us a very rough idea of what to expect.

You can already see some changes made to the Street Fighter system and a but of Tekken integration, here’s a few things that are different, or that you may not have noticed.

• This version looks to be using a modified version of the complete Street Fighter IV combat system.
• Ryu does a type of mule kick that bounces Kazuya off of the wall, meaning possibility of more juggle combos.
• We also see Ryu do a Tekken-styled instant get-up-and-roll maneuver
• Ultra assists for double Ultra combo goodness
• Ultras were linked directly from combos

Once again, please note that final gameplay will probably change drastically to what you see in this video, but it looks as though the idea is to create a bit of a faster paced SFIV experience.

Capcom have said that these titles will not be out for a long time, and that people can enjoy Marvel vs Capcom 3 while they wait (which releases early next year). The titles are planned for release on Xbox 360 and Playstation 3 only.

Take a look at some of the images released and the teaser trailer:

Click to see images in full resolution:

Check out the full press release below:

SAN DIEGO, CA — July 24, 2010 — Capcom, a leading worldwide developer and publisher of video games today announced that Street Fighter X Tekken is in development for the PlayStation 3 computer entertainment system and the Xbox 360 video game and entertainment system from Microsoft. The title will make history as fighters from these two bastions of the fighting genre come together for the very first time.

Utilizing the same technology that powered Street Fighter IV & Super Street Fighter IV, Tekken characters such as Kazuya Mishima and Nina Williams will make the transition into the Street Fighter universe having been re-imagined using the much-loved art style of these seminal titles; while retaining their unique characteristics and signature moves as they go head-to-head with classic brawlers from the Street Fighter franchise in what promises to be the ultimate match up.

As in Street Fighter IV, 2D gameplay will feature fully realized 3D character models battling for domination in both new and familiar highly detailed environments that are brought to life with engaging animations. In addition to modes such as Versus and Training that will feature new enhancements to make the fighting experience more in-depth and enjoyable, Street Fighter X Tekken will include Tag Team combat where players select two fighters to deliver knockout assist attacks and special combos.

The announcement, which took place at Comic-Con in San Diego in front of thousands of Street Fighter fans, was made by the Producer of Street Fighter X Tekken, Yoshinori Ono, and Tekken series Director, Katsuhiro Harada. Commenting on the origins of this project Yoshinori Ono said: “This is history we’re making. Two fighting games that have rivaled each other are finally standing on the same stage. This isn’t just a showdown between Tekken and Street Fighter, but a decisive battle for Capcom and Namco Bandai Games. So I’m going to give it my all.”

Additional info thanks to EventHubs