As reported by ComicBook.com, Ito was interviewed by Viz Media for Comic-Con@Home 2020, where he was asked if he was currently involved in any game development. As he told his answer, Ito (who was also working with Kojima on the canceled Silent Hill project) confirmed that he was talking to the game developer about a potential horror game that Kojima invited him to work on. As translator Junko Goda relayed from Ito, “The simple answer is no. However, I do know director Kojima and we have been in a conversation that he might have a horror game he might be doing, and so he has invited me to work on that, but there are no details on it yet.”
While this answer doesn’t confirm that Kojima’s very next project will be a horror game, he also revealed recently that big project of his in was scrapped in the development phase. When comparing this to Guillermo del Toro’s 2015 tweet (when he and Kojima were working together on Silent Hill) there is still a chance that this could be in relation to an upcoming horror project. Ito’s previous work on P.T. ( a horror game demo that never saw past that phase overseen by both Kojima and del Toro).
However, Kojima did recently tweet a teasing message that his next project could be related to sequel for Death Stranding (or something taking place in the same universe). On his own, Junji Ito is considered a horror pioneer by many anime and manga fans. His most recent work consists of an anime adaptation of his most popular works, that gathered many horror fans (and many fans of his work) together to watch.