Theres a demand for it, but I seriously doubt that it's in development right now. Square made a PS3 tech demo for sony, which was basically an awesome remake of the intro to the game, but it was just supposed to be an example of how ps3 games could look. Right now there are a whole bunch of final fantasy related products in development. I doubt that theres room for another right now. Although I personally wouldn't rule out a slightly expanded port of the game coming to psp or ds some time in the next couple of years, seeing as square-enix seem intent on bringing every rpg ever in their collective history to handhelds.
"i hear that Final Fantasy VII is cuming to ps3 store"
I'm assuming the OP is referring to the PSN version of the PS1 original, in which case it should be on the store soon. It's been out in the US for a while and sold silly amounts, so I am sure Squeenix will be working on bringing it to Europe too.
If you really can't wait though, buy a US PSN card from eBay and get it from the US Store.
I've seen an online poster from the game's cover that looked to me like the remake had been done already I'm betting the makers are toying with our interest to0see if it would be worth their while to remake one of the best games in the Final Fantasy series (FF8 being the next one). I love both FF7 & FF8 the most as they clearly define the ending to the tale with a real celebration and both have an alternative ending one positive and one negative but the rest have an ending that to me seems totally anit climatic. So yes bring the remakes to Britain especially as the original copies have gliches in them developed after several use I've played mine three times and have been longing to repeat the fun since sadly my game doesn't go beyound the Chocobo farm anymore. As for FF8 it won't reach the strret celebration so poor Irvine Kinneas doesn't get to show what an awesome sniper he really is.
They probably will remake it, but i dont know on buying it cause its not squaresoft that would be doing it. It be square enix, so i think they will mess it up. I guess we gotta see, thing is now i gone back to the old RPGs cause all it is these days is shoot em ups and FFXIII was not good, i got FF7 for xmas and i just bought breath of fire 3 & 4. I hope they bring more RPGs out, i found out that square enix said that if they remade FF7 that would be the end of FFs cause its great, so all this time they knew they been making crap FFs.