It has been rumoured for quite some time that a new Silent Hill game is coming, which is supposedly being developed outside Konami. This is in line with Gamereactor's sources as well. It is often also claimed that it will be a PlayStation 5 exclusive.
Now the insider Dusk Golem, a very reliable leaker on everything Capcom has thrown his hat into the speculations, and says that they game is very, very real. He tweets:
"Do I know a Silent Hill game is in dev? Yes, 100%, I even know 100% it's not cancelled, been in dev for 2 years now. Who's making it? I wish I knew, but I do know at the very least Sony has marketing rights to it. I know it's not Konami, outsourced from them.
When's it getting announced? I don't know an exact date, but I do have a window, but due to that well being poisoned I'm just waiting & seeing for myself. Will it be good? Let's hope so."
It was recently heavily implied by the long time Silent Hill composer Akira Yamaoka that the game will be revealed this summer, so we just have to wait and see.