A remake of Metal Gear Solid "centred around fan-favourite entry Metal Gear Solid 3: Snake Eater" is reportedly in development at an external studio in Singapore.
This report comes courtesy of VGC, who claim that multiple sources have told them that Konami plans to revive many of its biggest franchises, including a Metal Gear Solid remake project, and multiple new Silent Hill titles from several different studios.
VGC claims that sources have told it that a Metal Gear Solid remake is in development at an external studio in Singapore, but that it's likely to be "centred around fan-favourite entry Metal Gear Solid 3: Snake Eater, rather than the original MGS". The studio working on the Metal Gear Solid remake is reportedly Virtuous, who previously worked on Switch ports for The Outer Worlds and Dark Souls. This seems to deconfirm multiple rumours over the past few years that claimed that BluePoint Games is making a Metal Gear Solid remake.
The report also states that Konami plan release remasters of the original Metal Gear Solid games for modern consoles, ahead of the larger project", which is another long-standing rumour over the past generation. This would make sense considering the only way to play classic Metal Gear Solid games currently is through the Metal Gear Solid Collection on PS3 and PS Vita.
The claims of a Metal Gear Solid remake have been backed up by Tamoor Hussain, GameSpot's managing director. He said, "Have heard about Metal Gear projects a few times, enough to make me confident it's a genuine effort and something will show up eventually".
VGC claims that the multiple revival projects are "following a restructure to the company’s game development divisions earlier this year". Konami has been near-silent on its projects over the past few years, with one of the only notable pieces of Metal Gear Solid news being the pachinko slot machine that remade Metal Gear Sold 3's cutscenes. This was not received well by fans, as you can imagine.
Beyond that, the last thing we saw of Metal Gear was Metal Gear Survive, which was received just as well as the pachinko machine was. That is to say, it was not.