Just to lay my cards on the table as I know its confusing.
1. Something I know 100% was two years ago, during summer of 2018, Konami was shopping around for two Silent Hill projects. Approached different studios to do this, two people at two different studios, one a long time friend and one who just emailed me both said the same things, neither got the job. One was to be a reboot, the other an episodic type game is what they were interested in.
2. Now the last 100% thing, in late 2019 I heard pretty reliably that a Silent Hill game had started development in very early 2019, it was being made in Japan and Masahiro Ito was attached. These last two points before anything else I know to be 100% true.
3. In early 2020 I decided to stir the pot a bit and mention the 2018 thing I knew about, as it was a year and a half old and to see what happens. Eurogamer mentioned something about Kojima and Konami's relationship improving, which reflected something I had been hearing about in the grapevine for a few months, and I decided to do my own personal asking around and investigating into all of this, out of personal interest and curiosity.
4. A lot of dead ends, though I did learn about some other things, one which actively disproved early on the "Sony buying Konami IPs" rumor, but it's something I swore not to share. However, there were more people in the Japan game scene who seemed to know of the new Silent Hill game, but very little about it. So at this point I pretty much know there's a Silent Hill game being Japanese developed since 2019 started, but not much else.
5. Katharsis here posted the thing on Era, Transistor already vetted them but I decided to ask personally to compare some things as had been investigating. Katharsis knows someone who would know about this, everything they shared added up with things I had heard, had proof of their identity, as well as some specific details on the how and why this came about.
I haven't heard anything about the recent reveals, but my side of it laid pretty bare if curious.