Announced at E3 2017, Shadow of the Colussus was already remastered on PlayStation 3 in 2011. Shuhei Yoshida later promised this is a full remake — that is, the game will be the same as the 2005 classic on PlayStation 2, but all the assets will be remade. None from the PS3 remaster will be used.
Bluepoint, which did the PS3 remaster of Shadow of the Colossus, is working on this one as well. It also did the Uncharted: The Nathan Drake Collection which brought the original PS3 games of that series to PS4 in 2015.
Shadow of the Colossus, on PlayStation 4, is due sometime in 2018.