Despite some mistranslations, Metal Gear creator and director Hideo Kojima is still interested in the concept of a third party taking the reigns on an re-make of the original, and developer Just Add Water would certainly relish the opportunity.
Just Add Water is probably most well known for a number of Oddworld projects, such as Stranger's Wrath HD, Munch's Oddysee HD, and Abe's Oddysee - New 'N' Tasty, as well as the PlayStation exclusive Gravity Crash.
The studio penned a letter to Kojima expressing their interest, putting them well ahead of the pack no doubt full of other intrigued developers. But are they in the running for consideration? That's entirely up to Kojima.
As noted in Just Add Water's letter to Kojima, the developer's resume is indeed full of revamps of games that had very large followings, so they certainly have the experience. The staff also profess to being fans of the MGS series, and most importantly, they "really, really want to do it."
If a remake is awarded, it would be the second time that the game has been given a remake, the first being Metal Gear Solid: The Twin Snakes on the Nintendo GameCube in 2004, developed in collaboration by Silicon Knights and Nintendo.
Personally, I'd like to see some of Solid Snake's earlier adventures re-done in Fox, especially since a great many of us never had the chance to try them in the first place. The original Metal Gear was first released on the MSX series, a computer that was not quite as popular in the US. As such, not many gamers here ever tried the first game as it was intended. There was a port to the NES, but arrived on the console with a great many changes from the MSX version. A closer version was released with Metal Gear Solid 3: Subsistence on the PS2, but a revamp in the new FOX engine would be spectacular, and help to flesh out the Snake story even more.
You can check out Just Add Water's letter in full, right here.