Wish they would NIS would gladly make the English version T^T (there are so many Atelier series which doesn't have English ver.)
Fans have already created a discussion thread about Atelier Elkrone on the NIS America message board. If you're interested in a potential localization, be sure to talk with other fans about it on their forum. Also, contact the company and politely express your interest.
If this game is PSP exclusive, then the chances for an official translation are pretty low. Companies have stated that it's difficult to sell PSP games, and only a few recent niche titles have been published for the system in English. But if it's on PS3, then it just might happen. After all, companies can sell relatively mainstream PS3 games in boxes, and sell their more niche products online through PSN.