UPDATE: Square Enix responded to our query with an official comment, but it's probably not the comment you were hoping for. "Regarding Final Fantasy VII, we don’t have any news or information to announce at this time." You can take some comfort in the fact that the cached website wasn't marked as a hoax or anything, but it looks like any announcements -- if there is indeed an announcement coming -- will have to wait for another day.
ORIGINAL POST: It seems that Square Enix might be planning to re-release the PC version of Final Fantasy 7 with a few newly updated features. This is based on a Google cached website at finalfantasyvii.com, as discovered by a Joystiq reader. Square Enix hasn't announced anything in the realm of Final Fantasy 7 for quite some time, but a WHOIS search names Square Enix Holdings -- specifically Yoichi Wada -- as the owner.
Assuming this is all accurate, you can expect the updated FF7 to include a few new elements, such as achievements, cloud Cloud saving, and something called "character booster," which allows you to boost various stats "with the simple click of a button, leaving you to enjoy your adventure." The site also mentions a price of £7.99 / €9.99 (or about $12.50).
Is any of this real? We have no idea. There's no doubt that fans would like to see this updated FF7 become a reality, but it's just such a bizarre, out-of-left-field thing that it's impossible not to view the news with suspicion. We're checking in with Square Enix and will update this post accordingly when we know more.