Nick "Shpeshal Nick" Baker claims to have seen screenshots of the project and that Sega will only release it for some reason. This is good news for many people if the episode is true.
Skies of Arcadia was first released for Dreamcast in 2000, where it was critically acclaimed but was underwhelmed by the game's potential audience due to its nature. In 2003, it was upgraded to GameCube's Remaster, which also received positive reviews.
Rieko Kodama, a well-known Sega designer who passed away in May, is remembered by many as one of the greatest RPGs of all time. She also played a prominent role in the Phantasy Star series, and it would be nice, although it is premature, if Skies of Arcadia could be brought back on modern platforms for a remake.
There isn't a word on a potential release date or specific platforms.