Update
This Tweet from Matt Hackney who is attending the San Francisco International Film Festival where Guillermo del Toro has been answering questions on a panel, has the director saying this of the collaboration between himself and Hideo Kojima: "It's not gonna happen and that breaks my greasy heart."
If this is true and Silent Hills has indeed be cancelled, it'll certainly be disappointing for fans of the horror genre. As soon as we've got official confirmation we'll update you here.
Original
Konami has confirmed that it's delisting P.T. from the PlayStation Store as of April 29. P.T. - or "Playable Teaser" - is a promotional demo for Silent Hills, and its removal from PSN has placed a question mark over the future of the project. There's no official statement either way, and if and when we find out more about this we'll let you know.