Ya'll are a tad bit off the mark, though. That pic above isn't what Ito posted regarding a cancelled Silent Hill.
This is the concept art he posted for that:
"The one of concept arts for new Silent Hill which I drew in 2013," reads Ito's caption for the image. "The beginning of its story."
The concept art, which you can see above, appears to share the same rusted, industrial style that made Konami's long-running survival horror series so distinct. Ito is known for his monster and background design work on the first Silent Hill, as well as his creature designs and art directing on Silent Hill 2 and 3. His most iconic creation is arguably the design of Pyramid Head.
According to Ito, he was "not involved with 'PT,'" the playable teaser for Hideo Kojima and Guillermo del Toro's now-cancelled Silent Hills, although he did express interest in working with Kojima back in 2012.
That means we may be looking at art from an unannounced Silent Hill game predating Silent Hills. Ito is also remaining vague on Twitter when asked about the images, leaving the true origin and nature of the art in the realm of speculation.
The first image posted above was for a different game
Ito also shared art from another cancelled game he describes as a "Russian retro Sci-Fi horror title," which he worked on at Sony Computer Entertainment (now known as Sony Interactive Entertainment) between 2008 and 2010.