Konami's Silent Hill 5 has been in development for nearly 2 years and while it hasn't been officially confirmed by the publisher, the Silent Hill team has not been shy about it's existance. Just recently the Silent Hill team confirmed that they are working on a PS3 title, they did not confirm if it was indeed the next installment of the series but highly likely that it is indeed Silent Hill 5.

In the interviews Akira Yamaoka revealed some tidbits on Silent Hill 5. He hinted at a return to psychological roots presented in Silent Hill 2, he also mentioned that the team was interested in making the game take place on a sunny enviroment gone wrong and commented that the game might not be called Silent Hill 5, possibly hinting that they might drop the numerical title and opt for a subtitle.

The post-developement journal revealed the Team was not pleased with the action elements in SH4 and they will most likely not implement more action-oriented elements in latter installments of the series.

The team is also rumored to be making an entirely new horror IP for the Xbox 360. This goes well with the hint the team gave on an interview where they revealed they were using the original Silent Hill 3 scenario for a new title.