As a select few may know that a producer from Square Enix has been tweeting a lot on what's going on. Shinji Hashimoto in his last tweet spoke about two remakes that haven't been announced - Final Fantasy V and Final Fantasy VI for the DS. Hashimoto says currently there are technical issues as well, so these are also undecided. This part of his answer came in response to a question regarding Seiken Densetsu III releasing for the Virtual Console which S-E is undecided as well.


While I would like a remake for FFV and FFVI, I think I would prefer if they tried to put it on the PSP; I would like if they tried to make the characters have a realistic look, similiar to FFVIII. At least S-E have been discussing the future of those two titles.


Source: Technical Issues Holding Back Final Fantasy V and VI for DS on VGChartz.com