Writing on his website, Ueda said that he continues to freelance on the game, and that fans should "keep an eye out" for an official announcement from Sony.
"As some of you may have heard, I left Sony Computer Entertainment Japan Studio some time ago to pursue my creative passions," writes Ueda.
"Nevertheless, I continue working on The Last Guardian as a freelance contributor.
"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.
"I should also mention that details regarding The Last Guardian's release is solely decided by Sony Computer Entertainment, not myself. Please keep an eye out for their official announcement."
The statement comes the week before Sony is expected to announce the follow-up to the PS3 at an event in New York.
The development status of The Last Guardian was called into question following Fumito Ueda's departure from Sony.
The game was subsequently delisted by GameStop, leading to more denials that it had been cancelled.
Ueda first joined Sony in 1997 and was creative lead on PS2 releases Ico and Shadow of the Colossus.
The two titles have since been remastered as part of the ICO & Shadow of the Colossus Collection on PlayStation 3.
Screenshot gallery - view ICO and Shadow of the Colossus HD images below: