It is still unclear what is going on with the Konami Silent Hill franchise, which is clearly of great interest. Both players and developers absolutely want a new game, which is why it is Konami's turn to go into it.
If you believe current reports, not only should one game be in progress, but several concepts, including an episode game in the style of The Walking Dead. The other game is supposed to be a soft reboot, which Konami has been trying to implement for two years and is trying to find suitable developers for it. You may announce one of the games later this year, but there's no guarantee.
In other news while I'm dropping this stuff, and I think I can talk about this, I'll mention there is a couple new Silent Hill games in the works. Konami about two years ago reached out to various developers to pitch ideas for two Silent Hill games, one a soft reboot of the
– AestheticGamer (@ AestheticGamer1) January 21, 2020
This is just a guess, but I'd say there's a high chance one or both of those titles may be revealed this year, but we'll see. I don't actually know their plans or anything about these games other than their existence though, I don't know much about the inner workings of Konami.
– AestheticGamer (@ AestheticGamer1) January 21, 2020
Most recently, it was also said that Kojima Productions was again in negotiations with Konami to take up the then Silent Hills again. Although Hideo Kojima and Konami were recently in the clinch, the publisher was rather impressed by how Kojima completely rebuilt his studio and realized Death Stranding in no time. Here it is assumed that Silent Hills, or whatever the game will be called afterwards, will be redeveloped from scratch, if this actually happens.
So far, there has been no statement from Konami or even confirmation of this message, which is why you still have to consider the whole thing as a rumor.