Yoichi Wada, CEO of Square-Enix who are riding high on the massive sales success of FINAL FANTASY XIII, has said that the company is now exploring the possibility of remaking FINAL FANTASY VII as a future project. The idea has been on the cards ever since Square released a teaser trailer remaking the original FF7 intro CGI sequence in hi-def to show off the PS3's capabilities a few years ago, but previous Square announcements had downplayed the possibility, citing the enormous technical challenges of the recreating the huge game with today's graphics technology.

However, with the director of FFXIII saying it'd be his dream project and the director of FFVII saying he approves, it would now appear to be a viable possibility.

Whilst people are getting very excited, a note of caution is sounded (in the linked article) that the remake may 'just' be a re-release of the original re-optimised for the PSP. But the possibility of a PS3-ified version of FF7 is nevertheless intriguing. Hell, I'd buy a PS3 just to get it