This past February, we reported on a rumor that Shenmue 1 and 2 would be receiving an HD remastering. Now it seems that rumor has some more legs to stand on.
The CEO of Just Add Water went on NeoGAF to say that the rumors were true. Just Add Water is most famous for helping with the HD remastering of the Oddworld games.
Please keep in mind this is still a rumor and nothing has been confirmed.