I'd rewrite it if Square Enix hired me to do it. Unfortunately this is not going to happen and I'm not spending thousands of hours on a project to receive a C&D letter just before it gets to complexion.
Besides this a full remake would be hard to do if Square lost the data they used to render all the pre-rendered scenes in the game. It would requires to re-model everything and render it again, unless the resolution is kept exactly the same as the original, and then the images are copy/pasted as it.
EDIT : The other, slightly probable scenario, is seeing SE goes bankrupt, and if nothing acquire them, all their games will fall in public domain, allowing to legally write remakes. Again this is unlikely as if they goes bankrupt there is a 99% chance some other company will acquire them.