Update at 6:47 p.m. Pacific: The remake was confirmed at Sony’s E3 press briefing. It is coming “first to PlayStation.” You can check out the trailer and original story below.

LOS ANGELES — It’s finally happening.

Square Enix will announce later today that Final Fantasy VII is getting the remake fans have been begging for, GamesBeat has learned from our own sources. The new version of the classic role-playing game will be revealed at Sony’s pre-E3 press briefing. We’ll add more details once we know more — including the developer, though we hear it’s a studio with a long history of making RPGs.

Siliconera published a story on this earlier today.

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Final Fantasy VII originally came out for the original PlayStation back in 1997, and it changed the way studios made role-playing games with its cutscenes. Square has ported it to PC and digitally to PlayStation 3, Vita, and PSP. However, given the game’s dated graphics, fans have long yearned for a remake with modern visuals and production values. Demand for a remake increased in 2005 when Square released a video showing what the opening of Final Fantasy VII would look like on the PS3.

Updated at 12:48 p.m. to better state that it’s our own sources that we learned this from — Ed.