For many, Knights of the Old Republic is the greatest game to ever come out of the Star Wars franchise. BioWare's take on a galaxy far, far away wasn't just a faithful adaptation, it was an extremely well-crafted RPG - one that pioneered many of the mechanics and tropes seen in Western RPGs today. Kotor was a game that transcended its status as a licensed title to become one of the best games ever made.
That being said, the game doesn't look all that great anymore. Back when it first launched, Kotor looked great - but, in today's world of high-end visuals, it just doesn't hold up. Simple character models, blurry textures, low-grade effects ... simply put, Kotor's visuals haven't aged all that well. Unfortunately, since BioWare is currently hard at work on Mass Effect: Andromeda, fans shouldn't expect to see an official remake anytime soon.
An unofficial remake, on the other hand, is already in development: a team of fans known as Poem Studios is bringing the game into the next generation, thanks in no small part to the power of the Unreal Engine 4:
Currently, Apeiron is still in the early stages of development - as such, fans shouldn't expect to play the Unreal Engine 4 version of Kotor anytime soon. That being said, if you're interested in helping build the game, you can contact Poem Studios over at its official site.