During a recent interview, Yoji Shinkawa, KP's Art Director and the man behind most of Metal Gear character designs, announced that the company might show Death Stranding's successor soon.
When asked about a new project, he said: “Well yeah, I am doing something, for sure, and I could tell you probably that we can announce it quite soon.” It's worth mentioning that during the end of 2020 Kojima Productions opened 25 job roles for "a new project" and, before that, Hideo Kojima shared some tweets that might have teased the team's new project.
Also, Kojima has been playing with the idea of making a horror game for quite some time.
Here you can watch Yoji's full interview.