PS4 FF7 Remake

Kitase: One thing that we wanted to be clear about during this weekend to accompany the new trailer was the scale of this project. We wanted to tell you this now and not in the future so that you’d share our vision for what we want to deliver. The biggest reason why we haven’t done a remake until now is because it’s a massive undertaking to reconstruct FINAL FANTASY VII from the ground up with the current technology. Producing a proper HD remake of FINAL FANTASY VII that maintains the same feeling of density of the original would result in a volume of content that couldn’t possibly fit into one installment.

We’ve seen everyone’s comments and reactions to the news that FINAL FANTASY VII REMAKE will be a multi-part series and many have speculated correctly as to the reason why we have made this decision. If we were to try to fit everything from the original into one remake installment, we would have to cut various parts and create a condensed version of FINAL FANTASY VII. We knew none of you would have wanted that. (source)

According to the same article the quote was taken of, each installment will have the content of a full game but will cost the price of a full game. One thing seems to be sure is that the FFVII universe will be expanded, as an example more backstory on main and major characters. It's still unknown how much installments there will be (2, 3 or more).