Team ICO are currently working on a new PlayStation 3 game. No information on this mysterious title has been revealed, but a job listing on Sony's Japanese careers page is looking for talented individuals to help with this soon-to-be-announced project.
They also appear to have released a single screenshot for this title, which you can see above but it doesn't give us much to go by. Team ICO are known for developing titles such as Shadow of the Colossus, ICO and Wanda.
We'll try to get more information about this title soon.