The next Silent Hill game for the PS3 and 360 will be called Silent Hill: Homecoming and will come out at the end of September In Europe. The news that a fifth SH game was coming isn't new, but the title and date are. No North American release date has been announced yet.
According to Konami:
Silent Hill: Homecoming introduces another protagonist to the mythos. The story follows Alex Shepherd, returning to his hometown of Shepherd’s Glen to investigate the sudden disappearance of his brother. From Shepherd’s Glen to Silent Hill, Alex must face the darkest of horrors in order to find his brother. Struggling with his own grip on reality, Alex must unravel the mystery behind his nightmares, discover the truth behind his brother’s disappearance, and confront the evil lurks in the seemingly empty streets of Silent Hill.
Silent Hill: Homecoming also features an all-new soundtrack by series composer Akira Yamaoka. Wait, why is there a soundtrack if it's Silent Hill?
Check out X-Play's Silent Hill retrospective if you need to get up to speed on the most awesome horror-series in gaming history.