According to Team ICO Gamers, Japanese message boards and blogs are claiming that the mysterious drum puzzle game Patapon, inspired by the work of artist Rolito and to be released on PSP this winter, is being developed by staff from Team ICO and the Locoroco Studio and is being directed by Fumito Ueda.
Visual flourishes like the owly drums, totems and horned horseriders, which are very similar to the artwork in the previous works of the designer (ICO, Shadow of the Colossus) suggest this could be likely.