Not much is known about Konami's next Silent Hill title. While little has been officially confirmed, Chief Designer of Silent Hill 5 Masashi Tsuboyama stated in a 2004 interview that the game would not appear on any of the then-current consoles. He also clarified rumors during the same interview that it wouldn't be titled "Shadows of the Past" as reported previously from an online source. According to IGN, it has been speculated that the game is already in development and that it is likely to be released on Sony's Playstation 3 video game console.
It was also reported that Konami planned to release it in early November 2006, but this was never officially announced and as of April 2007, it has yet to be released. It was originally believed that the main plot would be set in a mental asylum (perhaps Brookhaven hospital) and would be told through a series of flashbacks depicting how the main protagonist got up to that point, though this has generally been associated with the Shadows of the Past rumor and remains unproven.
While interviewed for an episode of Electric Playground, Tommy Tallarico asked a developer about Silent Hill 5. The developer responded that "It's a good time to be a Silent Hill fan", and the interview ended. There was a segment on the Silent Hill series after, and it was stated that the game would be released on next generation consoles, however it was not stated which specific consoles the projected game would be released on.