According to a scan from Famitsu magazine posted on a japanese blog, the game will be an enhanced port of the SNES classic and will be arriving to the portable system in Winter of 2008.  This was officially confirmed with an official Square-Enix teaser site.

Wired Game|Life blogger Chris Kohler astutely points out that those gamers expecting Chrono Trigger to come out on the Virtual Console will be disappointed because, well, “Why sell it for $8 when they can slap it onto a Nintendo DS cartridge and get $40?”.  And he’s absolutely right.  Square Enix fans are absolutely the most rabid of consumers of anything Square Enix related.  How many versions of Final Fantasy I have come out?  Like 5?  How many versions of Final Fantasy IV have/will be coming out?  Like 3?  (Ok, I’m part of the problem here.  I have the SNES and the GBA versions of IV and will be picking up the DS remake when it comes out this summer).

How obsessive was I over Chrono Trigger?  I defeated the penultimate dungeon 3 times…in the same playthrough.  I cleared through the Black Omen in the 1000A.D., 600A.D., and in 12000 B.C., which to my disappointment did not do anything at all special.  I played through the game at least 10 times to try to see all the different endings snuck into the cartridge.  I was so gay for Chrono Trigger Still, the stupid Square fanboy in me will undoubtedly be picking up this version of Chrono Trigger when its released.  This game is probably in my top 3 games of all time and the number of hours spent on this game tinkering with the space-time continuum easily number over 150 across all playthroughs.  There’s just something about doing something in the prehistoric past knowing that it will could drastically change something millions of years later.

Chrono Trigger Revived for Nintendo DS
Chrono Trigger DS! -An enhanced port, not a remake.