We've heard Final Fantasy producer Yoshinori Kitase say that he's interested in recreating Final Fantasy VII for the PlayStation 3 many a time. Now though, Kitase has said that it would only happen if the facilities were there for the development team to remake the legendary title in a year.
Speaking in an interview with TechDigest, Kitase revealed:
"If it were possible that we had all the right facilities and the right environment to be able to make and prepare a Final Fantasy VII remake within a year, we'd very much like a go at it! But even Final Fantasy XIII has taken over three and a half years to create. If we were to recreate final Fantasy VII with the same level of graphical detail as you see in Final Fantasy XIII, we'd imagine that that would take as much as three or four times longer than the three and a half years it has taken to put this Final Fantasy together! So it's looking pretty unrealistic! But if any such situation came about by any remote chance, then yes, we'd do it!"
So its looking unrealistic, but there's still a glimpse of hope
http://connectedconsoles.com/ps3-Square-Enix-Want-FFVII-Remake-If-It-Only-Takes-A-Year.cfm