The answer is almost certainly yes. However, when that will happen is anyone's guess.
The good news is, Square Enix recently semi-remastered the game for PC. Presumably some of that work can be made applicable for iOS.
Size limits are less of a concern than many people think - compression technology has come a long, long way since that game was originally released. Compressing the graphics, sound, and video using modern codecs, instead of those from the 90s, will likely be able to give better quality and much smaller app sizes.