Development is being done from scratch, including completely updated graphics.
The changes will also affect the gameplay itself. The developers plan to add sprint and "modern game mechanics" that will noticeably change the feel of combat and the overall pace of the game, moving away from the classic style.
There is no exact confirmation yet on which platforms the remake will be released, but sources believe a release on PS5 is likely, along with PC and Xbox Series X|S.
The project is being developed by Virtuos, known for Oblivion Remastered and Metal Gear Solid Delta. The remake is being created on a hybrid of Unreal Engine 5 and Blam Engine, which should take the visual component of the series to a new level.