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At E3 2015, Square Enix announced that they were remaking Final Fantasy VII, and it was to debut first on the PlayStation 4 in 2016. On December 5, 2015, the same day that the PlayStation 4 release of Final Fantasy VII was released on the PlayStation Store, a gameplay trailer was released that showed segments of the introduction mission, combat footage, and samples of both character animation and voice acting. According to the trailer, at least part of Midgar is explorable on foot, both Biggs, Wedge and Jessie in addition to the main characters have voice acting, and at least the opening boss, the Guard Scorpion, is included, with an updated appearance.
The remake will be a series of games. As Yoshinori Kitase explains here, the sheer size of remaking Final Fantasy VII makes a multi-game series the only logical way to attempt it.