I think that if there really was an official translation being made, the guys working in this project would tell us about it. And it is almost impossible for the psp to get a official translation, since it has been passed A FREAKIN LONG TIME since the game was released. Normally an english patch would be made in 6 months, not passing a year a so after the game release. (Sorry for the repetitive words, quite in a hurry >.<)
Most of us are thinking about the 3DS version not the PSP version but iirc Namco said that they have no interests in bringing it right now.
Xseed said no and i have heard that if the Operation Decode gets 20k signs in the petition Namco would consider to localize it... again only 3DS version not the PSP one.