The Last Guardian, known in Japan as Hitokui no Ōwashi Trico(人喰いの大鷲トリコ Hitokui no Ōwashi Toriko,? lit. "Trico, the man-eating eagle") and previously referred to by the working title Project Trico, is an upcoming video game developed by Team Ico, to be published exclusively for the PlayStation 3 video game console by Sony Computer Entertainment. The title is being designed and directed by Fumito Ueda, and is expected to share stylistic, thematic, and gameplay elements with his previous titles, Ico and Shadow of the Colossus, though it is unknown whether it will be directly related to either. In May 2009, a purported proof of concept trailer became publicly available online, weeks before an updated version was formally revealed at E3 2009. The Last Guardian was given a late 2011 release date internationally at the 2010 Tokyo Game Show.
It seems Team ICO are planning for to include a demo of The Last Guardian in the Ico / Shadow of the Colossus Collection that is set to release this year. http://scrawlfx.com/2011/03/ueda-considering...the-colossus-collection in other news a showcasing of the collection can be seen here: http://scrawlfx.com/2011/03/new-off-screen-f...the-colossus-collection