There have been some recent rumors regarding Sony working on two Silent Hill games, one of which is a revival of Hideo Kojima's canceled Silent Hills. The report comes from a website called Rely on Horror, claiming that a trusted source has revealed that Sony will revive the dead series. Additionally, Sony is also considering a soft reboot of the entire Silent Hill series.
"According to our first source, Sony is working to patch up the relationship between Kojima Productions and Konami in order to resurrect [Silent Hills] due to the amount of buzz and continued demand for it five years after its cancellation," Rely on Horror wrote.
The report also went to state known figures will return to work on the series reboot and the new game will be simply called 'Silent Hill'. These key members include the original director and writer for Silent Hill, Keiichiro Toyama, composer Akira Yamaoka, and creative designer Masahiro Ito. The Silent Hill series reboot will also be backed by SIE Japan Studio.
If the revival of the Silent Hill series is happening and a new Silent Hill game is development, there is no doubt that we will see these games release on the upcoming PlayStation 5. That means we shouldn't expect these games to arrive any time soon. It is also possible that series can turn into a PlayStation exclusive.
Given the success that Capcom received with its Resident Evil 2 Remake and the upcoming Resident Evil 3 Remake, a Silent Hill reboot isn't necessarily a surprise.
A Silent Hill game was actually in development by Kojima while he was still at Konami. The game was also going to feature Normas Reedus as the main protagonist. The game's cancellation helped lead to Kojima leaving Konami and forming Kojima Productions, where he moved ahead to begin development on Death Stranding.
The Silent Hill game for PS4 was announced back in 2014 along with a Playable Teaser (better known as P.T.) for the PlayStation 4. Ever since the game was declared canceled, Silent Hill fans have been waiting to hear some optimistic news.
Do keep in mind that none of this information has been confirmed by Konami, Hideo Kojima, or Sony. It's best to take all of it with a grain of salt until something official is announced.