The Last Guardian is "on hiatus," Sony CEO Jack Tretton told Game Trailers.
"We got so many projects out there from so many great teams, projects never ultimately go away," Tretton said. "So The Last Guardian is certainly not going away, but it's on hiatus right now."
Last we heard, The Last Guardian designer Fumito Ueda said the game was still in development, but Sony controlled any actual launch plans. The Last Guardian has been on (and off) our radar since E3 2009, when it was announced for PS3, coming from the team behind Ico and Shadow of the Colossus.