There had been suspicions ever since the demise of Kojima Productions, but key players have confirmed that Silent Hills is no more.
In a statement to Polygon, publisher Konami wrote:
Konami is committed to new Silent Hill titles...the embryonic Silent Hills project developed with Guillermo del Toro and featuring the likeness of Norman Reedus will not be continued.
Konami's official announcement follows recent comments by feted star Norman Reedus and director Guillermo Del Toro, and Friday's announcement that the PS4 teaser PT is soon to be pulled from the PS Store.
Silent Hills had been hotly anticipated, both as a fresh spin on the struggling Silent Hill franchise and for its supergroup of talent. The last game, PS Vita's Silent Hill: Book of Memories, was poorly received.
As Polygon point out, Metal Gear Solid; The Phantom Pain is now Konami's only console game scheduled for release this year.