The classic game would be released for PlayStation 4 late this year, Kotaku UK reported, citing multiple unnamed sources.
Kotaku UK states that sources close to the matter have said the plan is to remaster the original trilogy, which includes Spyro the Dragon, Ripto's Rage! So expect the Crash and Spyro remasters to appear on other platforms this year and next. The Kotaku report also noted that the trilogy could be tied to a one-year exclusivity deal, adding that Crash Bandicoot N. Sane Trilogy is tied to a similar deal.
As far as updates to the games, they will feature refreshed lighting, new animations and cinematic pieces, changes to how the game saves (no passwords), as well as a revamp of the original soundtrack. The title will feature PlayStation Pro support too.
Rumours suggest that Crash Bandicoot N. Sane Trilogy will be coming to at least Switch and PC this year, and we'd assume Xbox One as soon as Activision are legally able.
It's rumoured to be announced as early as next month with a Q3 2018 window in sight.
In an interview before the release of Crash Bandicoot N.Sane Trilogy in June past year, the game's creative director Dan Tanguay said that if it did well, an entirely new Crash Bandicoot game may happen. Activision has not confirmed this rumor, but March is just around the corner, so we won't have to wait long. After all, the original Spyro game was launched for the first PlayStation in September 1998. I grew up with Spyro the Dragon and have a larger connection to it than Crash, so I would consider this pretty much a day-one purchase for me.