In theory, it would be possible to redraw all the locations as 2D/tile-based, but the sheer number of tiles that would be involved boggles the mind even more than the number of sprites that would be required.
In other words, you're talking about getting a bloody big art team together, just for starters. Then, well, you've got a somewhat eccentric combat/magic/consumable item system that would have to be reimplemented, which means doing things like figuring out how CC calculates attack damage (unless some bright boy with far too much time on his hands has already done so). And CC is a big game, too, with a fair number of scripted events, each of which would have to be painstakingly transferred.
I won't say that it's impossible, but it would take years of work and probably nearly as many people as Squeenix needed to create the original game in the first place. So chances are that anyone taking a serious look at the scope of the project would throw up his hands and run away. Fast. (Not to mention, aren't remakes just about the only thing that Squeenix actually takes the time to fire off C&Ds at?)