Microsoft's Halo studio 343 Industries is remaking Halo: Combat Evolved using the Halo: Reach engine, Games Master magazine claims.
"Industry chatter" suggests the game will release ahead of the late 2012 launch of a full Halo 3 sequel presumably Halo 4.
The Halo 1 remake, then, could release on the original game's tenth anniversary in November 2011, said the magazine (reported by CVG).
This latest rumour contradicts public comments made by high-ranking Microsoft executive Phil Spencer.
Last month the Microsoft Game Studios Corporate Vice President said of the rumoured Halo HD remake, "I'm going to think about it from the customer's perspective, and are we really delivering something of value to the customer at a price that they want?
"We obviously have a lot of new things going on, so the thought of re-doing a bunch of things is probably difficult to just weave into the overall portfolio.
"If you can provide real value to the customer, there could be possibilities for that, but I don't spend a lot of time thinking about it."
The question now is, will the Halo 1 HD remake be better than Halo?