CONFIRMED

According to IGN and several other sources, Nintendo has confirmed the release of a Pokemon Gold and Pokemon Silver remake. Entitled Pokemon Heart Gold and Soul Silver, the release has been dated in Japan by Fall of 2009. Prediction of an American release by... oh, say, 2010.
As well as updated graphics and system, there was something about a new element being released as well.

It's been ten years since Gold and Silver was released. Only fitting a remake would come out by now. Since its release in 1999, the game has sold over 23,000,000 copies worldwide.

Personally, I'm pretty excited about this. One of my favourite Pokemon of all time have come from the Kanto region and I have pretty fond memories of this game. I'm expecting more than just a graphical overhaul but I'm sure Nintendo knows better. Yes, I've also added a Pokemon tag seeing as it's not really a dying genre and I am a self confessed Pokemaniac.
Now if you'll excuse me... I have to squee.

Sources:
Original article on Official Japanese Pokemon site