I'm sure this brings much sorrow to the huge number of gamers who thought Final Fantasy VII was the best thing since the Earl of Sandwich invented the sandwich, but personally I didn't really put the kind of merit as others may have. If you haven't had the chance to play Final Fantasy VII yet, you better warm of your PSN account, because a remake is not coming any time soon. Final Fantasy XIII producer Yoshinori Kitase had this to say in an TechDigest interview:

"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!"

Let's not forget that Final Fantasy XIII was in the works as a PS2 game as well, adding to the overall development time for the latest Final Fantasy installment. I don't know though, as much as I love to see great remakes of classic games, I don't really see the need to remake FFVII, especially when there's a few other titles that I would prefer to see remade. Vagrant Story, which wasn't a Square-Enix game, was still incredible and I think very underestimated by gamers.

I'm already anticipating the tons of petitions that will call for Square-Enix to drop everything and pursue a remake of FFVII. I'm not looking forward to that day.

However, Final Fantasy XIII will let players totally not be Cloud Strife on March 9, 2010.

Source: Connected Consoles and Joystiq