Fans take matters into their own hands.
A Final Fantasy VII remake is happening, but it's not exactly what fans have been dreaming of. Rather than wait for Square Enix to remake the classic PlayStation RPG, a group of fans have decided to take matters into their own hands, using the Unreal Engine to remake the game.
As you can see from the trailer below, the remake is very early, sporting some fairly basic character animations. Sadly, we expect Square Enix will have the project shut down way before it's in a releasable state.
Final Fantasy guru Yoshinori Kitase has stated that he'd want to make changes for a Final Fantasy VII remake, but no project has ever been confirmed by Square Enix.