Koei Tecmo is still working on a film based on the Project Zero series. That’s what creator Keisuke Kikuchi said in an interview with 4Gamer, also mentioning that a video game sequel or further remasters are not currently planned.
An English film adaptation has reportedly been in the works since 2014, which became famous after the release of the Japanese film Gekijōban Zero, which is also based on the video game series. Even the Wikipedia page The project, originally announced in 2003, leads to Fatal Frame, but has been dormant for decades.
However, Kikuchi was unable to ascertain further details.
Koei Tecmo recently had a date with the Wii U port of Project Zero: Priestess of Black Water on October 28. In this country, the publication is purely digital for Nintendo Switch, PlayStation 5, Xbox Series, PlayStation 4, Xbox One and PCs via Steam.
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