UPDATE: Rest assured, this rumor looks like it's false. According to Kotaku, Sony has addressed these reports by saying, "This is not true."
Panic is setting in as reports that The Last Guardian has been cancelled are popping up. Before you look for your inhaler, nothing has been confirmed by Sony at this time. The bad news stems from reports GameStop has removed The Last Guardian from their database as an upcoming game. If that wasn't damming enough, some customers are even claiming they received phone calls letting them know the game had been cancelled. One blogger even recorded the message.
Many suspected The Last Guardian's future was in jeopardy when Fumito Ueda left the project. The game was also notably absent from this past Tokyo Game Show.
Of course all this could mean is that since The Last Guardian doesn't have a release date, GameStop would rather not make promises about the title. After that phone call, you may invest that five dollar pre-order on something that will come out in 2012. You may even drop $60, which is exactly what GameStop wants. They probably don't have any privileged information.
My theory isn't very exciting however, so I take it back; this title is as good as dead. Where's my pitchfork?
If any of you see Morgan Webb or Leah Jackson, please don't tell them about this news story. Their little griffin-baby loving hearts can't take it.
Tips? Suggestions? Find me on Twitter.