A decade ago, homebrew developer Tiido started work on a similar (unofficial) project for the Sega / Mega CD, and it has recently been resurrected by a new team of devs (thanks, Retro RGB).
MiGeRA recently reverse-engineered Tiido's original prototype board, and this appears to have triggered a wave of interest in reviving the project. It seems that the main focus of the cart will be to expand the possibilities of Sega CD and 32X games.
The current board was found to be incompatible with the 32X, so a second version is currently being worked on by Jimbro1000 and Viciious. Both are looking for help from the wider community to shape and test the cart.
The Genesis is being pushed in some very interesting directions by homebrew coders, so it's amazing to think what these same talented individuals would be capable of if given even more memory to play with on Sega CD and 32X.