So I sent a couple hundreds of e-mails to OPM last month, right? And they've published one of them in this month's issue:
Me: "I have just read the PlayStation Legend page on Ico at the back of OPM, issue nine and can't stop wondering what Fumito Ueda and the rest of the team will come up with on PS3. I'm a big fan of ICO and Shadow of the Colossus, like many others in the PlayStation community, and we're all waiting impatiently for the day when the next game will be announced. It's pretty unnerving that the only thing we know about Team ICO's next effort so far is that there is going to be one. Any chance of some inside info, OPM?"
Them: "We asked Sony boss Kaz Hirai what was going on with Team ICO a couple of months back. As he was pleading ignorance, one of the other execs present blurted out. "I'm pretty sure they're doing the sequel." Our fearless reporter immediately asked. "What, the sequel to ICO or Shadow of the Colossus?" Then the room filled with knockout gas...
So, it seems they don't know anything concrete. But it's encouraging that the next game is referred to as a sequel of some kind. That would mean it's based in the same setting as the previous games. Right?
Source: Team ICO Gamers Blog via Kotaku
SotC2 or bust.