Courtesy of the Rumic World and Inuyasha Information From Japan blogs:
The Shonen Sunday #31 reveals that a big news about InuYasha is announced in #34 on July 22.
Generally speaking, this description means the 2nd anime series starts in October.
I'm a good friend of Higurashi, the webmaster of inu-yasha.org (IIFJ), and I am utterly shocked by this news coming from her. Not so much by the news, but how it was delivered.
Higurashi wouldn't dare make such a confidently worded announcement about a new Inuyasha anime unless she was close to 100% sure that it was a reality. I've known her for at least 5 years and I trust her conjecture on this matter. If she's wrong, I won't hold it against her. If not a new anime, the only other thing it could would be regarding the release date of the Black Tessaiga OVA.
I myself have long stood by the notion that the Inuyasha franchise (not counting manga releases in the US) would only be relevant for one year after the manga finished in Japan. Additionally, I have held that there existed a critical now-or-never window of opportunity between the Fall '08 and Fall '09 seasons inclusively, for a new anime or continuation to be announced.
After 5 long years, is this the news we've all been anticipating?
Edit: To the best of my knowledge, Sunrise has not scheduled any series for this Fall. A new Inuyasha would be the only thing they'd be working on other than the Gundam Unicorn movie.
Edit 2: It is quite possible that the news may leak on Saturday the 18th when the Shonen Sunday issue layout is leaked.