According to a tweet by Aesthetic Gamer, it seems that Konami apparently has two Silent Hill games in the works. The tweet alleges that a couple of years ago, Konami had apparently reached out to several developers to get them to pitch ideas on how to bring the series back to life, and there could be two contenders being considered.
Aesthetic Gamer claims that one of the pitches Konami received was for a soft reboot of the franchise, while the other is apparently an episodic-style kind of game, similar to TellTale/Until Dawn. It is unclear if Konami will be looking to develop both simultaneously or if they might go with only one.
https://twitter.com/AestheticGamer1/status/1219571472751947776
The tweet goes on to add that there is a “high chance” that at least one of the titles could be announced this year, but whether or not it will remains to be seen. Take it with a grain of salt for now, but if you’re a fan of the franchise, then this could be worth keeping an eye out for.