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Amidst various internet rumors during the past week, game developers are denying that mogul 50 Cent’s second video game titled 50 Cent: Blood on the Sand, has been canceled.

Reports for the past week have circulated on respected gaming site Kotaku that the game was to be shelved due to the market being oversaturated with shooter-styled games.

Also, it was disclosed that the title’s UK developer Swordfish, would be sold off, effectively ending any hopes of the title being released.

In statement to kotaku.com, gaming publisher Activision verified they have taken over the title from Videndi but stopped short on whether they plan to release it.

“We have a policy of not commenting on rumors,” an Activision representative stated. “I can tell you that we announced back in July that we are retaining only those franchises that are a strong fit with our long-term strategy: Crash Bandicoot, Ice Age, Spyro, Prototype, and an unannounced new IP. We will not publish other titles that previously were part of the Vivendi Games portfolio and are currently reviewing our options regarding these titles.”

If released, the game will be a sequel to 2005’s chart-topping but critically panned 50 Cent: Bulletproof.

Blood on the Sand is purportedly modeled after the blockbuster X-Box shooter “Gears of War” and features as playable characters Tony Yayo, Lloyd Banks, DJ Whoo Kid.

While originally included in the game’s initial stages, it’s unconfirmed if former G-Unit member Young Buck is still in the game.

At press time, gamesindustry.biz is reporting that the game’s team members are currently fixing bugs and working tirelessly to have the title completed by the targeted March 31, 2009 release date.

If approved, 50 Cent: Blood on the Sand will be released for the Playstation 3 and Xbox 360 consoles.