Possibly, be it just a rumour. 

NGamer magazine recently stated:

"Nintendo at large says no, but the head of a Nintendo subsidiary says he and his team are still working on it [PH]. Believe us, we’ll be the first to tell you when H.A.M.M.E.R’s back on track."

They are rarely wrong, they correctly predicted a DS reincarnation of Resident Evil a long while ago.

I have always liked the look of PH so let's hope there's some truth in this.

Source.