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Or is it just one of Phil's balls in my throat?

Report: FromSoftware Deep Into Development on Unannounced Project Codenamed "FMC"
FromSoftware is working on a project with the codename "FMC," and what's more, it's in an advanced stage of development already.
mp1st.com
According to information we've been able to obtain, the Japanese studio FromSoftware — in addition to working on updates and DLC for Elden Ring: Nightreign, as well as on an exclusive title for the Nintendo Switch 2 called The Duskbloods — is also in the advanced stages of production on another, as-yet-unannounced project: a multiplatform game with the codename FMC (note that this is most likely an abbreviation of a longer codename).
Considering the nature of the source these details come from, everything points to the project being at such an advanced stage that, unless it hits a delay, we should be able to play it no later than next year.
As for Dark Souls, it's well known that Hidetaka Miyazaki is not interested in creating another entry in the series. Taking that into account, the most plausible scenario is that FMC is a remake or remaster of one of the existing entries. Given that the first two games have already received remastered versions, perhaps it's time for a remaster of Dark Souls III. It's worth mentioning here that Nick "Shpeshal Nick" Baker, co-host of the XboxEra Podcast, reported last year that, according to his sources, Dark Souls III Remastered is in development.
Let me stress once again that all of this remains speculation. FMC could just as easily turn out to be a brand-new project, unrelated to any of FromSoftware's existing series.
We likely won't have to wait too long for confirmation (or debunking) of these theories. It's entirely possible that later this year, during one of the upcoming industry events, such as Gamescom or The Game Awards, we'll hear the first official details about the mysterious FMC project.
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