One thing that companies try to do is to have everybody in line regarding external communications and what can be said publicly or not. Honestly, it is a mystery how Hideo Kojima and his studio Kojima Productions handles this kind of things, but if there is a NDA, Norman Reedus could have just broken it.

Speaking in an interview for Leo Magazine, the Walking Dead actor and main protagonist Sam Porter Bridges motion capture/actor have said that Kojima Productions began development for a sequel for Death Stranding.

“We just started the second one…It took me maybe two or three years to finish all the MoCap sessions and everything. It takes a lot of work. And then the game came out, and it just won all these awards, and it was a huge thing, so we just started part two of that."

All this was during the conversation related to his experience with the original Death Stranding.

Norman Reedus and Hideo Kojima association was not originally for Death Stranding, but a reboot of Konami’s Silent Hill series called Silent Hills. 

Initially, it included a playable teaser that introduced players to the game's mechanics of what the would have been the final product if Konami didn’t idiotically, went evil antagonist to Hideo Kojima, enough to make it look like he was fired just because of power struggles from within.

Another detail that probably prompted the hostilities against Kojima is that Metal Gear Solid V: The Phantom Pain went over budget outside the wishes of Konami’s executives and some of them, eager that Kojima made a wrong step, used the situation to begin stripping out of his power after ascending as VP in the previous years.

Death Stranding was the first game ever produced as Kojima re-founded Kojima Productions outside the former group that was a Konami first-party Studio and had Norman Reedus and Guillermo Del Toro reunited, giving life to the concept that we know today.

With all this, it is safe to say that an announcement can be given anytime soon, probably by June where The Summer Game Fest 2022, as an indirect substitute of E3, is the most probable forum.

For the past few months, Hideo Kojima has been teasing about working on the next big game for Kojima Productions, after a proposal for a game was rejected (rumors stated that he made the offer to Google Stadia VP Phil Harrison [yes, that Phil with a notorious record on gaming industry] only to be rejected because had episodic setting and there was no interest in it) and started all over again.