The Rumor is False: Silent Hills is Still Dead
A 'well-placed anonymous source with a good record' informed Rooster Teeth that Microsoft was "in serious talks with Konami" about purchasing exclusive rights to Silent Hills.
This source has provided accurate information previously about the release of a cheaper Xbox One without a Kinect, even when Microsoft denied that they ever would. Since this past story came true, it made this news all the more promising.
Sadly the head of Xbox, Phil Spencer, laid this hope to rest when responding to a Twitter user.
— Phil Spencer (@XboxP3) May 30, 2015
Rather than this being a ploy to keep the project under wraps, it sounds like this game is just not going to happen.
Considering Konami's official statement confirming the game's cancellation, and the removal of 'PT' (the playable teaser) from the Playstation Store, this does not come as a surprise.
Applying the five stages of grief to the death of this game, this may be the 'bargaining' stage. We've already passed through 'denial', and 'anger'. All that's left is 'depression' and then eventually we'll reach 'acceptance', while lamenting what could have been.