According to director Fumito Ueda, The Last Guardian is moving forward under “completely new conditions.” No, we're not trolling you.
Ueda discussed the adventure game with Dengeki PlayStation (translated by Kotaku), stating that “talks with Sony Computer Entertainment on The Last Guardian have been ironed out, and we're making progress under completely new conditions.”
The director added, “I'm also working on some other things that I'll hopefully be able to show in time if progress is smooth.”
The Last Guardian was announced way back in 2009, and has since been stuck in development hell, even undergoing a “reengineering” at one point. The title was, unsurprisingly, not involved in last weekend's PlayStation Experience, but speculation about Ueda's “completely new conditions” point to a possible platform shift from PlayStation 3 to PlayStation 4.