Guillermo del Toro and Norman Reedus (The Walking Dead) will be involved, in some capacity, in the new Silent Hill game.  I know that's vague in regard to their roles on the project, but that's all that has been announced thus far.  From the below video we can assume that Reedus will voice a character in the game (as well as give license to his visage), but I'm foggier on Del Toro's involvement since his title card just has his name.  Did he write it?  Is he a producer of some kind?  No idea.  Also from the title cards, we can make an educated guess that the name of the game is Silent Hills. Metal Gear Solid creator Hideo Kojima is working on it as well.

That's about all of the info we have, and most of it has been gleamed from a Silent Hills teaser video that sprung from what had been advertised as a demo for another game.  Since the announcement was made in an interactive manner, the following video contains some commentary from the woman playing it.  You may want to lower the volume on the speakers.  Hit the jump for the Silent Hills teaser.

Teaser via Kotaku: