Fresh of the release of PS VR exclusive Farpoint, we known are told that one of Sony's most talented first party studios has been working on a big VR title. The developer is none other than Santa Monica Studio, the makers of the ground-breaking action franchise God of War. According to digital media outlet vrfocus, a representative of the Santa Monica Studio had this to say regarding their VR projects,
There's been a number of projects brought to [Sony] Santa Monica, but many of them have just been prototypes from game jams. [sic]
[Sony] Santa Monica are working on something big. It's a full-blown 2nd wave title for [PlayStation VR]. It'll be revealed soon and I know it'll go well with the core PlayStation audience, but I can't say any more than that!
The representative wished to remain unnamed and therefore, much remains a mystery. This bit of news is very telling, however, it suggests that the game Santa Monica has been working on is definitely AAA. While by including it in a "2nd wave" also suggests that there are other major ones coming. The representative does mention that their game will be announced soon and will delight the core PlayStation audience. It's then very plausible to believe that the game is very probably an evolution of the God of War prototype shown off at the 2014 GDC. With E3 just around the corner, we will likely learn more about Santa Monica's new game then.