Although square-enix seem pretty resolved not the remake FFVII I think it is a very big mistake since remaking that game is a veritable goldmine for that company.

However, I don't think we should give up hope just yet. If you recall once of the tech demos for the gamecube was the Link and Ganon fight scene and look what's happening now! They are bringing out a new legend of zelda game with graphics exactly the same.

If there is enough demand they should have enough sense to make it.

But as it has been said if the compilation goes as well as square-enix hopes perhaps they will consider it.