Final Fantasy VII Remake may currently only be announced for the PlayStation 4 with an expected release date of 3 March 2020, but Square Enix have more or less confirmed that it will not remain on a single console. Company president and CEO Yosuke Matsuda candidly spoke that the remake is expressly developed to support both the current generation of consoles and the generation to follow, which invariably includes the PlayStation 5.
Whether this will be achieved through backwards compatibility (the PS5 is confirmed to be able to run and support PlayStation 4 software) or through a re-released version of the game not too dissimilar to many cross-generation titles remains to be seen. Cross-gen games are far from a novel concept; they were particularly prevalent during the transition from the PS3 and Xbox 360 era to the current generation of consoles, when it was commonplace to find new releases bearing both PS3/Xbox 360 versions alongside PS4/Xbox One counterparts.
This is all the more unclear as Square Enix have reiterated that Final Fantasy VII Remake will not be a single release. They are committed to releasing the entire project in parts, with project director, Yoshinori Kitase informing Kotaku in an interview that his development team themselves are currently not even certain how many parts the remake will encompass, owing to its sheer size, scale and the team's ambitions. The Final Fantasy VII Remake launching next year is merely the very first installment, entirely taking place within a heavily expanded Midgar. Another gaming outlet, Game Informer, reported Kitase's rather frank answer to a question about whether subsequent installments of the remake project will come quicker than the first. No, Kitase stated,
With both the PlayStation 4 and the Xbox One about to exit stage left in favour of the PlayStation 5 and Microsoft's Project Scarlet in presumably late 2020, we are witnessing the dusk of another generation of consoles. If what Kitase says is honest, which is likely to be the case given the sheer ambition and scale of the project at this level of detail and fidelity, perhaps Part 1 will be the only installment playable on the PlayStation 4. Perhaps going forward Parts 2 and beyond will be exclusive to next generation."I do not expect it to be dramatically shorter."
A big shout out to @Setzer Gabbiani for bringing the GameSpot article to my attention.