According to the report, a trio of developers from the original game are working on the Silent Hill soft reboot. These are Keiichiro Toyama (director and writer of the original 1999 Silent Hill), Akira Yamaoka (composer), and Masahiro Ito (monster designer).
Additionally, as this project is being pushed by Sony, SIE Japan Studio is reportedly working on the Silent Hill soft reboot, including some members who worked on the survival horror stealth franchise Siren.
That's not all, as Sony is also reportedly trying to patch up the damaged relationship between Konami and Kojima Productions in order to make Silent Hills, given the amount of hype and demand for it years after the cancellation. To this day, there are countless P.T.-like spiritual successors and fan remakes from indie developers and creators.
According to RelyOnHorror, this isn't a done deal yet. However, Sony did offer Hideo Kojima full creative freedom to make Silent Hills.
Of course, if it ever becomes official, you'll know it by reading Wccftech.