I seriously hope that they will not be ICO2 and Shadow of the Colossus 2. The industry really needs to move away from the constant sequels. It's too sad to realize that most games come with a number, and that new and original games are fewer and fewer in between.

A new game with a new name, that's what I want. Or two.

I remember an article/interview a few years ago where the developer/director was talking about how he'd like to make a Shaow of the Colosus type game with multiple players working together to bring them down. I think that with the power of the PS3 (imagining huge Colossi several times the size of the previous ones) would be an interesting direction for the sequal (hope what ever they make it has a single player game too).

It's been rumored that they're working on two new games for quite some time now.

I hope it's true, but I wouldn't be surprised if it isn't.

Also, Ico and SotC are already connected, unless they mean that the games will be direct successors/predecessors to one or the other.

Agreed. As much as I would love a high definition SotC, I would prefer to see Team ICO venture into new territory.