We recently saw Rare's N64 classic Diddy Kong Racing get the decompilation treatment, and now it's the turn of Mario Kart 64 to get the same benefit.
Decompilation, in case you didn't know, is the process of translating an executable file into source code. The decompilation process is essential for native PC ports to exist, and creating such ports ('recompiling') has been made easier recently thanks to the N64: Recompiled project.
However, as with any of these ventures, it's worth noting that the two processes should not be confused with one another; decompilation and recompilation are two very different things carried out by distinct teams and individuals, and successful decompilation doesn't mean a PC port is imminent.
Even so, there will be some out there hoping that Mario Kart 64 joins the ranks of Star Fox, Super Mario 64 and Zelda: Ocarina of Time, all of which have native PC versions now which offer things like improved performance, higher resolution visuals and more.