If you find your ears being deafened by the sound of the rumour mill grinding away over the next few days, that's because Konami has confirmed it is working on a new Xbox 360 title.
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The slip comes from GEM Impact, a music production company that lists games it has worked on in the past and is currently working on. One of those games is listed as Konami "New Title" (Xbox 360, Japan).
Inevitably, the words 'Konami' and '360' will lead to "Metal Gear Solid 4!" excitement or panic, depending on which side your console bread is buttered.
So it's easy to overlook the key detail in all this. The title is planned as a Japan only release, which almost certainly rules out Metal Gear Solid 4. Not to mention that GEM Impact's role is slightly different to when it worked on MGS4 (they're now doing music and sound effects, as opposed to cutscene music).
Chances are, this will be a shmup that will only ever see the light of day in Japan. Still, rumours eh? What fun! Speculate away.