Apparently there are two Silent Hill games under development. Leaked by AestheticGamer aka Dusk Golem, who also leaked about the Resident Evil 3 Remake. Following the tweet, Konami and Sony are in development of the two games.
According to the tweet by AestheticGamer, Konami started the pitch for the two games two years ago and he believes that the games are still under development. Taking a look at the history of Silent Hills games the last game released in 2009 for PC. Following that in 2014 Hideo Kojima teased a Silent Hills game directed by himself. The game was set to relase on PS4 however was cancelled a year later.