"is not on the schedule" for 2011's Tokyo Game Show. The studio are "hard at work" on it.
Sony stated, "...we wanted to confirm that The Last Guardian is not on the schedule for this year’s Tokyo Game Show." It was rumoured that a demo for The Last Guardian could be included as part of the ICO & Shadow of the Colossus Collection - not so.
"However we can assure you that Ueda-san and the rest of the development team are hard at work to bring his lofty vision to life and deliver the very best gaming experience possible," continued Sony's Brian Dunn.
The Last Guardian will be released sometime in 2012.