A post on NeoGaf citing a lapsed trademark application suggests Sony has abandoned the The Last Guardian brand.
The post, by user Rösti, points to the U.S Trademark and Patent Office listing, citing a document that states that the trademark was "abandoned because no Statement of Use or Extension Request timely filed after Notice of Allowance was issued". The post also points out that Sony's last extension request was on July 2nd last year.
If this is true, it means either the project has been abandoned after six years, or the project may still be in development, but it'll be released under a different name.
We've asked Sony for an official comment on the story, and are awaiting their response.
Update
Trademark lawyer Jesse Saivar has explained that Sony still has time to renew the trademark. Click here for more details.