The project was initially and unusually announced and Variety reports that, "...a long teaser was made available for download on the PlayStation Store under the name 'P.T.' After an hour and 16 minutes, a man is shown walking down a dark street. When he turns, it’s Reedus in character, and Kojima and Del Toro’s names appear before the 'Silent Hill' logo is revealed. The image of Reedus above is from the game."
We'll keep you posted on any new developments.
UPDATED: Here is the teaser trailer for "Silent Hills" thanks to Bloody Disgusting...