And Square will be laughing all the way to the bank. FFVII is the only FF that deserves such treatment, HOWEVER...
It really doesn't, though. You hit diminishing returns fairly quickly once you finish with the graphical jump from PS1 to PS4/PS5. There's not going to be much REASON for another remake of VII beyond blind greed and creative bankruptcy.
I could so much see a Chrono Trigger remake done with that engine, looks gorgeous.
It's probably more likely for a hypothetical Chrono Trigger remake to be closer to Dragon Quest XI since CT uses Toriyama character and monster designs to begin with. Although the structure of the game should be far closer to the original with the overworld having smaller scale models and the individual dungeons showing full size locations and full detail character models.
While I do like FF7R from the impressions I'd made of the demo. For Chrono Trigger I'd much prefer a much more conventional 1 to 1 Remake much along the lines of Resident Evil 2 instead of a reimagining of the source material.