Yes, there’s a fifth Metal Gear Solid in development. You and I and every gamer in the world knows it. So does Hideo Kojima, who has talked about the fifth game and how it might try one of his radically different ideas. They may go the ‘conventional’ route, though.
"I have three concepts for MGS5 [...]

The first thing gamers knew about Metal Gear Solid 4 as it neared its release date was that the game would have epic-length cut-scenes. Now, it appears Hideo Kojima, creator of the series and director of the recently released game, has expressed regret at the epic volume of cut-scenes in the game, as well [...]

It may have been confirmed since the release of Metal Gear Solid 4, but Kojima Productions employee Ryan Payton, who served as a producer on the game, has confirmed that Metal Gear Solid 5 is on the way.
Leaving Kojima Productions for greener pasture, he revealed that “it’ll be hard not being involved in MGS5, [...]

  
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