It looks like one of the coolest things Silent Hill fans could have asked for may very well be happening.
Various sources are asserting that a Silent Hill series reboot could very well be in the works. Konami and Sony are supposedly in cahoots for a remake, as Konami currently holds the rights to the series. It would likely include members of the original Silent Hill team.
Rely on Horror have reported on the news, which means Silent Hill may have a new "soft reboot" which would feature contributors like original Silent Hill director and writer Keiichiro Toyama as well as series composer Akira Yamaoka and creature designer Masahiro Ito.
These contributors would also work in tandem with members of Project Siren via SIE Japan Studio. Of course, these are all just rumors for the moment that haven't been proven or confirmed in any way. But it certainly would be nice to think about, especially with the past cancellation of Silent Hills.
We'll continue to monitor the situation, but this would be a fantastic gift for everyone who's been pining for more Silent Hill over the years.