Shadow of the Colossus is getting a proper remake on the PS4. This remake is using new assets and graphics engine although Sony is still labeling it as a remaster just like Crash Bandicoot Trilogy. The development of the game is being handled by Bluepoint Games who are well known for remastering games. They also worked on the ICO and Shadow of the Colossus HD remaster for the PS3.
Sony has shared some official screenshots from the game which you can check out below. There is also a comparison with the original PS2 version of the game against the remake on the PS4.
Shadow of the Colossus PS4 is out in 2018. The game is being developed by Bluepoint Studios while it will be published by Sony Interactive Entertainment.