The Last Guardian is still alive and kicking.
Fumito Ueda, creative director of the game, said fans should 'keep an eye out' for the official announcement of the long awaited game. Although Ueda left Sony in December of 2011, he remained with Studio Japan in a freelance capacity to complete work on the The Last Guardian.
“I should also mention that details regarding The Last Guardian's release is solely decided by Sony Computer Entertainment, not myself. Please keep an eye out for their official announcement.” said Ueda on his website.
The PS4 will possibly be unveiled next week at Sony's anticipated New York event, which could mean The Last Guardian will release on the next-gen console. It would make a bit of sense considering Ueda's comment on the game's unveil being Sony's job. The development delays on The Last Guardian likely resulted in it being pushed to next-gen.
Fans still wait for a more concrete announcement on the title, but for a game that's been in the dark for so long any news that isn't a cancellation is good news.