Now, Xbox marketing head Aaron Greenberg has revealed that no one is currently working on the game. In an interview with Gamertag Radio, Greenberg said that the game does not have a developer, although it has not been officially canceled.
"We're currently exploring what we're going to do longer-term with Phantom Dust," he explained when asked about the game. "The project is not canceled, but we don't have an active developer on it right now."
He continued, "It's a project that, like many things, will take a little more time, but at this point we're not giving any more updates on it."
Phantom Dust was announced at E3 2014 with a short trailer confirming that it's a reboot of the 2005 Xbox game. The only details we have about it come from leaked gameplay footage. It looks like we'll have to wait to get new information about the game.