A new fanmade remake of the 1994 Game Boy title Mega Man V is currently in development for the PC.
Mega Man: The Rulers of Space, as the project is called, is being built in Unreal Engine and aims to transform the classic handheld title into a 16-bit style game containing overhauled graphics similar to Mega Man 7 and new musical arrangements.
The remake is the work of the programmer and designer MarcDWyz, the pixel artists ZanSidera and Egoraptor (who you may know from Newgrounds or the popular let's play channel Game Grumps), and the composer mstaple_music, with additional promo/concept artwork being supplied by koy_campbell.
It was only announced yesterday on social media but already has a project page on GameJolt that you can follow for updates, as well as a short 2-minute trailer showing off some of the incredible progress that they've made so far.
Something worth noting is that Mega Man V for the Game Boy isn't an exact recreation of the NES Mega Man 5 (which is coincidentally getting its own fanmade 16-bit remake for Mega Drive / Genesis named Episode Blue). Instead, it features an entirely new story and new bosses in the form of a group of alien Robot masters called the Stardroids.
Compared to its console counterpart, it hasn't received that many reissues in the past, but it did end up getting a port for the 3DS Virtual Console in 2013 in Japan (with PAL and North American versions released one year later). In 2023, a fanmade patch was also published by marc_max, turning the classic Game Boy title into a full-color Game Boy Color game for the first-time ever.