According to DualShockers, PlatinumGames Producer Atsushi Inaba teased that the studio was working on a new original IP. He did not reveal much about the game only saying that it will be headed up by a new director. Inaba used to fulfill the roles of producer and director but is stepping down from directing to allow the company to grow and develop new talent.
The only other thing Inaba-san said regarding the title is that it will be a "formless, shapeless IP," whatever that is supposed to mean.
The announcement seems to be fulfilling a promise made at last year's conference. At BitSummit 2016, Atsushi indicated that the company was interested in developing its own original idea for a game. The studio has enjoyed success producing games based on other companies' IPs such as Bayonetta and Metal Gear Rising: Revengeance but wanted to create something entirely new.
"Inaba-san teased the existence of a 'formless, shapeless IP' that he can't talk about today."
The concerns expressed back then primarily had to do with budgets. PlatinumGames has between 200 to 300 employees and has remained independent thanks to developing for established franchises and pushing out a game each year. Taking on an original product would involve a lot more planning and pre-production work that consumes labor with little to no return until release.
Apparently, the company has decided to bite the bullet and go for it.
DualShockers said that "[Inaba] doesn't know if the studio will keep up the pace of one title per year, but they're looking forward to make [sic] new games for the fans."
He also indicated that he would be revealing more information about the project soon. Could this mean we might get an official announcement at E3? We will have to wait and see, but that will not be long as E3 starts on June 14.