Sega of Europe registered multiple domain names this past September that seem to indicate a beloved classic will see new life. The company registered the domain “Shenmuehd.com” as well as “ShenmueRemastered.com” & “SheMnUeGame.com”. The latter is spelled that way because Shenmuegame.com was already taken.
Obviously this is not proof enough on its own of a Shenmue HD remaster or remake, but they are quite telling. Sega had mentioned an interest in in remastering Shenmue last year, and this seems to follow up on that. It is likely they will do this to continue building anticipation for Shenmue III, as well as to get new players caught up on the game.