Although vague and hardly trustworthy, it doesn't seem unlikely. Blogs and rumours of friends are never good to base fact on.

http://teamicogamers.blogspot.com/

Quote Originally Posted by Team ICO Blog
Yesterday in a heated IM discussion about which of the three console makers is going to have the strongest line-up this year, a friend of mine who works at Sony Computer Entertainment Japan blurted out that Sony's internal studios have up their sleeves more than 20 yet-to-be-revealed projects for PlayStation 3.

Intrigued by this I asked if he could give me some examples. Project Siren (makers of the Forbidden Siren franchise), Team Saru (creators of the Ape Escape series) and Team ICO are three of the studios who're getting ready to reveal their new projects this year. After some more pushing, he told me that all he knows about Team ICO is that the team is working on two games, both for PS3.


My guess now is that Team ICO is indeed working on two games, none of which is for PSP. Most probably one is for PSN (hence the need of staff specialized in networking technology) and the other is headed for a Blu-ray disc release.


Maybe Fumito Ueda's words at the end of 2007 do show that his team is preparing an announcement.
In the actual blog entry it has links.

Anyway this was a nice find for me.

EDIT
Quote Originally Posted by Surfergirl
Sony doesn't have 20 unannounced exclusives for 2008... For the total PS3 lifetime they do...
I won't say anymore, I usually trust her. But in answer to her speculative words on this rumour, I would like to point out there is a list on THIS very forum that shows over 150 exclusives and I'd also like to point out that the article (not the topic) insinuates unannounced/unrevealed games. She clearly on this one was more speculative than usual.

I don't want to dent her reputation. And she is often right and can give good insight.