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Banned
Did not want to make some people freak out by putting it in the title but the article suggests the game might be Demon's Souls. Of course, it's just an assumption from Gearnuke but I thought I'd share it anyway.
More at the link: http://gearnuke.com/unannounced-ps4...ent-heavy-rain-ps4-dev-possibly-demons-souls/
Edit: Sorry guys
Since Virtuos are mostly known for their HD ports and recently worked on two HD re-release for the PS4, it wont be surprising to see them working on Demons Souls HD remaster as they already have the experience for it. The listing even specifies that this project is exclusive to the PS4 while they also have two more unannounced Unreal Engine 4 projects but they are listed for the PS4 and Xbox One. What makes it more likely is the limited list of games that utilize Phyre Engine and majority of them are PlayStation platform exclusives. Some more Phyre Engine developed games include Gravity Rush and Journey, both of whom have already been ported to the PS4.
Digging deeper, we can find out that it is indeed a port as seen on the linkedin profile of Dow Gong, one of the game producer at Virtuos. He lists an unannounced porting project on PS4 on his resume suggesting that the Phyre Engine PS4 project might be a port. Both Gravity Rush and Journey ports were handled by separate developers so it is highly unlikely that it is simply an outdated information.
More at the link: http://gearnuke.com/unannounced-ps4...ent-heavy-rain-ps4-dev-possibly-demons-souls/
Edit: Sorry guys
Here's the picture so more people can see. The reason why people think otherwise is because wikipedia goofed up a few years ago and so many people were misled.
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(He's part of the PhyreEngine team at SIE Euro R&D)