Final Fantasy V is currently in development to be released on the PlayStation Network for the PS3 and PSP, Square Enix announced today.

The game, originally released in 1992 in Japan, follows a group of unlikely heroes as they embark on a journey to save the world after a fallen meteor and a shattered Wind Crystal sends the town of Tycoon into chaos.

Exclusive to the PSN version of the game will be all-new CG cinematic sequences to help progress the story. Other than that, the game remains faithful to its previous versions with its Active Time Battle system, mini quests, magic summoning, etc.

No release date/price has been set, according to Square Enix Members, and the game is currently only scheduled for release in Europe and other PAL territories but we expect to hear something soon regarding others.

How do you feel about Final Fantasy V coming to the PS3? Which Final Fantasy game would you like to see re-released on the PSN? That is, aside from the multiple ones already on there of course.