A new video preview for the frequently delayed follow-up to Ico and Shadow of the Colossus indicates that the game is due for release this year!
The Last Guardian was previewed recently by Edge magazine and Fumito Ueda, one of the lead designers, revealed the game will come out in 2016:
"Since this is the year we will see the game's release, I do have some worries, but I'm also very excited"
Little information has been made available about production of The Last Guardian. Announced at E3 2009 - then for the PS3 - a series of never ending delays resulted in the game being developed for PS4 instead.
Ueda sensationally cut all ties with Team Ico and Sony in 2011 but promised to continue working on The Last Guardian until completion in a freelance capacity.