In development at Supermassive Games, the title was initially scheduled for release in 2013, but it hasn't received a public showing since the second Until Dawn trailer was released 17 months ago.
Anonymous sources have now told Polygon that the PS3 version has been ditched in favour of a PS4 edition with Morpheus support.
Asked for an update on the project's status, Sony Worldwide Studios boss Shuhei Yoshida told the site the game is still in development.
While the exec wouldn't confirm a change in the title's target platform, he offered the following response to the virtual reality rumour: "That would be very interesting, because it's a horror game, and the people are tweeting to me, 'I want to play Outlast in Morpheus. I think, in terms of genre, that's a really good fit."