Rumor mill: what will Kojima's next game be?

Silent Hills just won't seem to die. Shortly after the game was canceled by Konami, petitions started popping up demanding that it be re-instated. Then came the debacle of the Metal Gear Solid V release, which seemed blatantly incomplete and/or half-assed. Then Kojima officially left Konami, Guillermo del Toro tweeted that the cancelation of Silent Hills "breaks his greasy heart", and it all seemed done and buried.

Or was it?

Within a week of the official announcement that Kojima had left Konami, he was reported to have already set up his own independent Kojima Productions studio, and that he had already partnered with Sony to develop an un-named PS4 exclusive. Geez, that was quick. Kojima has always had a good relationship with Sony. The Metal Gear Solid games were originally PlayStation exclusives, and were definite showcases for those Sony platforms. I mean, when you think of the original PlayStation, what are the first few games that come to mind? Probably Final Fantasy VII. Tomb Raider? Maybe Resident Evil? And definitely Metal Gear Solid. Even when Kojima was initially rumored to be leaving Konami, I had speculated that Sony might make a move to hire him. Contracting him to act as a second-party developer of exclusive content is just as good. I had also speculated at the time that there were three possibilities for Silent Hills to see the light of day:

1. Konami could hire Kojima's independent studio to continue development of Silent Hills. This seemed unlikely considering the rocky conclusion to Kojima's employment.
2. Kojima could buy the IP rights to Silent Hill (and maybe Metal Gear). This also seemed unlikely considering that both franchises are cash-cows for Konami.
3. Lastly, there was the possibility that Kojima Productions could continue the development of what would have been Silent Hills, but without the "Silent Hill" title. Same game; different name.

The partnership with Sony opens up a fourth possibility: Sony could buy or lease the licensing rights to Silent Hill and then contract out development to Kojima Productions. This is the only way that the game could possibly see the light of day and still maintain the "Silent Hill" name. Konami has already expressed its disinterest in continued first-party console game development. It's just too expensive, and the company wants to focus more on its gambling business and mobile games. If Konami wants to continue to see revenue from those IPs, then they are stuck either making smaller in-house games (such as mobile games, pachinko machines, or browser-based games); or they would have to license out the IP to third-party developers. Sony certainly has the buying-power that Kojima, by himself, doesn't have, and could certainly afford to buy those rights, if they so desire.

However, Silent Hill fans probably shouldn't get their hopes up for a triumphant return of their tarnished, yet beloved, franchise. In the video announcing the partnership with Sony, Kojima says that he is "thrilled to embark on creating a new franchise with PlayStation". So this project does not appear to be Silent Hills. At least, not in title...

Kojima is rumored to be collaborating once again with Guillermo Del Toro, which opens up the possibility that the two are going to work on realizing the plans that they had for Silent Hills. During a keynote address at DICE, Kojima and Del Toro stated that they would like to continue to work together. Del Toro even went as far as saying that he would "do whatever the fuck Kojima asks him to". He even made an off-hand comment about famed Japanese horror illustrator Junji Ito. I don't know much bout Junji Ito, but his work is apparently a pretty big deal, and he's also been seen with Kojima. Kojima and Norman Reedus have even been seen together, and it's been rumored that Reedus will be working with Kojima again. All the pieces seem to be fitting into place...