On his personal website, Fumito Ueda has posted an update saying that The Last Guardian is still in development and that he is still involved with the project after leaving Sony back in 2011.
"As some of you may have heard, I left Sony Computer Entertainment Japan Studio some time ago to pursue my creative passions. Nevertheless, I continue working on The Last Guardian as a freelance contributor." stated Ueda.
"While it's been a long time coming, The Last Guardian remains under my creative supervision and is still in development by an incredibly talented team."
He went on to say that the release date of the game is "solely decided by Sony Computer Entertainment, not myself." and that we should keep an eye out for an official announcement.
The Last Guardian currently has a release date of "When it's done" and is still a Playstation 3 exclusive.