Speaking of official stuff, the team does not have carte blanche from Konami to release the remake. However they are aware that some talks need to take place and have posted the following on their Facebook page:
We just need to clarify something:
Konami owns the MGS copyright and therefore sooner or later we will need their full permission.
We have therefore chosen to openly share this project from the beginning so that we can deal with any issues that may arise as they come.
We believe this is better than putting years of work into a project only to get it shut down.
Please, respect this decision.
Thanks for your attention,
Konami hasn't made any move as of yet, so we can still keep our hopes up. Hopefully things won't turn out to be as in the case of this Metal Gear remake by team Outer Heaven.
With Airam Hernandez at the helm, he says that it all started as a project to recreate MGS environments and make a "museum game" for those who wanted to explore the base with current technology. Following increasing support and interest for the project from people all over the internet, he decided to make an entire remake of the game.
For more info, updates, artworks and videos, check out their Facebook page, Twitter account and Youtube channel.