Game Rant have come across the following image and description of the Penguin from Rocksteady's Dax Ginn in the Australian Sunday Herald. (via arkhamcity.co.uk) At first glance, it would appear that they've gone for a far more realistic look for the villain, but if the last game proved anything, it's that we're guaranteed to see a damn good portrayal.

"The way that penguin has always been portrayed is as quite an aristocratic, well-spoken gentleman who’s got these twisted delusions of grandeur…So we’ve made him a really horrible, nasty piece of work – but still with the delusion of grandeur. He dresses well, but in a poor taste, and we’ve made him this brutish, brutal guy but also key into collection fascination that hes had through out the years."
"Penguin’s faction is much more about the collection that he has within his museum of all sorts of things but one of those things he collects is heavily artillery. so when you come up against his thugs in the street they are all going to have seriously heavy weapons and that develops throughout the game as well."
Batman: Arkham City is set to be released on the Xbox 360 and PS3 on October 18, later this year.