Following the announcement of Dark Souls Remastered, interest in a Demon's Souls PS4 remake has never been higher. Despite the online servers for Demon's Souls being shut down on February 28, there's renewed hope that it will still happen.
Earlier this week, a change to the ESRB rating on Demon's Souls sparked speculation. The rating for the action role-playing game was relisted, but sadly it looks like it's merely a change due to the servers being offline.
The new listing for FromSoftware's devilishly-difficult RPG relates to the PS3 version only. It appears that the wording is exactly the same as the original listing, which reads:
This is a role-playing game (RPG) in which players attempt to save the medieval kingdom of Boletaria from demons. Players manage a number of stats (e.g., strength, endurance, intelligence) and inventory items while battling humans, animals, and supernatural enemies. Players use melee weapons (swords and axes), bows for ranged attacks, and magical spells to kill an assortment of enemies (e.g., human soldiers, dogs and rats, giant insects, demons). Attacks usually result in large clouds of dark red blood; blood appears splattered on walls, floors, and around corpses in several environments. During one boss battle, blood continually spurts out of the wound of a demon's stomach and covers a large portion of the floor.
The only reference that has been moved related to online play. In the original PS3 listing, it states: Online Interactions Not Rated by the ESRB. Only a couple of years ago, game director Hidetaka Miyazaki said that it's unlikely From Software will be involved in a Demon's Souls PS4 remaster, which is totally in the hands of Sony Interactive Entertainment, who owns the IP.
We'd say at this point, it's highly unlikely that Demon's Souls PS4 release will ever materialize.