Konami have announced that they have a new Silent Hill game in the works for PS3 and Xbox 360.

They made the announcement at an event in Frankfurt in Germany this week.

Other than that the publisher didn't give out any other details about the project.
Hopefully this one will fare better than the last new title in the series, Silent Hill: Homecoming, which didn't do as well as hoped.

Silent Hill: Shattered Memories, the re-imagining of the first Silent Hill game, appeared to Wii and PSP to more critical success but sadly met with the same lukewarm sales that every other mature Wii title has received.

Source: Konami reveals new Silent Hill game News | Eurogamer

Not a big Silent Hill fan, i much prefer Resident Evil.