Confirmed characters:
1. Ash Crimson
2. Athena Asamiya (in original Psycho Soldier outfit)
3. Benimaru Nikaido (in King of Fighters ‘94 outfit)
4. Elisabeth Blanctorche
5. Goro Daimon (returning from King of Fighters 2003)
6. Kim Kaphwan
7. Kyo Kusanagi
8. Leona Heidern (returning from King of Fighters 2003)
9. Terry Bogard (in original Fatal Fury 2 outfit)
Rumored characters:
* Andy Bogard (returning from King of Fighters 2002)
* Keith Wayne (from Power Instinct)
* Raiden (aka Big Bear)
* Robert Garcia (returning from King of Fighters 2003)
* Ryo Sakazaki
1. Ash Crimson
2. Athena Asamiya (in original Psycho Soldier outfit)
3. Benimaru Nikaido (in King of Fighters ‘94 outfit)
4. Elisabeth Blanctorche
5. Goro Daimon (returning from King of Fighters 2003)
6. Kim Kaphwan
7. Kyo Kusanagi
8. Leona Heidern (returning from King of Fighters 2003)
9. Terry Bogard (in original Fatal Fury 2 outfit)
Rumored characters:
* Andy Bogard (returning from King of Fighters 2002)
* Keith Wayne (from Power Instinct)
* Raiden (aka Big Bear)
* Robert Garcia (returning from King of Fighters 2003)
* Ryo Sakazaki