Involves one or more characters (possibly the protagonist(s)) who are practically legends while still alive. People recognize them for the things they've done in the past, the things they can do, or the people they know.
The first video game about Living legend was released on November 15, 2004.
Usually these are heroes, war veterans, exceptionally powerful or skilled people, and they're recognized for it by other people even those not particularly interested in their field of excellence.
If a prophecy is involved, the legendary person/people may not have even done anything yet.