By now we have all heard that Final Fantasy 7 is being remade. But what does that mean, many people have mistaken this for a re-release, which essentially means that the exact same game would be released with updated graphics and small changes.
However, Square Enix has confirmed this is not the plan. They will be completely overhauling and remaking the game. Including but not limited to graphics, combat, and even storyline of the original game. Their plan seems to be taking Final Fantasy 7 to what they wanted it to be, however limitations in software prevented this back on the PS1 systems.
We can expect all your favourite characters to come back to the fray and it is always possible we will get some new characters or at least some cameos from other Square Enix titles.
Title to be released December 31 of 2016 based on preorder options from some online sources on PS4 for exclusive early launch. This title will later be ported to Xbox 1 and PC although these dates are not yet public.
In anticipation of this release, Square Enix will be releasing the original Final Fantasy 7 with updated graphics and bug fixes to the ps4 sometime this winter (Winter 2015).