[Update: Unfortunately, the PS Vita release was not accurate. Sony has clarified on its blog that Type-0 will only be on PS4.]
Yes, it is happening. Square Enix has announced that the elusive Final Fantasy Type-0 is coming to consoles with a full HD remaster, and it will finally see a release in the West.
"The voice of our Western fans was instrumental in the development of Final Fantasy Type-0, and we're very excited to release this title soon," said director Hajime Tabata. "The new PlayStation 4 system and Xbox One gaming and entertainment platform have really helped to re-envision this dynamic and turbulent world of Orience."
As announced on the PlayStation Blog, Type-0 will also see release on the PS Vita. The timing for this couldn't be more perfect. The enthusiasm for this title was so strong, that fans came up with a translation of the entire game on their own, which was just released a few days ago.
Final Fantasy Type-0 HD Coming to PS Vita [PlayStation Blog]