The first few details on the possibility of Silent Hill 5 being in production have surfaced via a rumours page in the latest issue of US magazine EGM. According to EGM, Konami is preparing SH5 for a release later this year and it’s likely that the game will be available on both the Xbox 360 and PS3.
Other details suggest that the game will be developed by Konami in the US, though we originally believed this game would be produced by the Japanese team.
Given that the details were on the rumours page, they should be treated as rumours. But hopefully Konami will confirm something soon.