Whatever it is or isn’t – and “Project 7” is something totally new and isn’t an Alan Wake sequel, or else they’ve been telling lies about it for two years – we’re going to find out soon enough.
According to PCGamesN, Remedy’s new publisher 505 Games has confirmed that the super secret not-Alan-Wake-2-or-is-it-but-it-isn’t-unless-it-is will be part of its expo lineup next month, “giving press the first hands-off look” at the game, and that it’s in development for PC, PS4, and Xbox One. This is presumably also the same game for which the studio released a trailer about a (different) trailer “coming soon” in… 2016. Apparently “soon” is a much more ambiguous concept in Finnish.
Game director Mikael Kasurinen and creative director Sam Lake have previously suggested that Project 7 includes some sort of co-op multiplayer mode, so that’s something different for the studio too. Or that was clever misdirection, and it’s actually Alan Wake 2.