bbbbut there was a rumour that ex-Team Silent itself is secretly doing it...
SH4 also was done by some people from Silent team.
Most of Team Silent went and made studio which made later Siren games again not like silent at all despite similarities.
Fact is that SH1-3 were made due to several people who worked together and each contributed something special.
I know rumor says that Ito is supposedly working on this and Ito was the one that had the most influence on subtleness of SH games (via documentary) but i seriously doubt something will be done with it that will give game justice.
Remember that they were just trying to make Silent Hills with fucking Kojima idiot and PT demo showed pretty well he didn't fucking know what SH was.