Ubisoft has provided an update regarding the remake of 2003’s Prince of Persia: Sands of Time, revealing that the game is still in a very early stage of development, almost three years after its original announcement.

The details:

In a new article and developer Q&A on Ubisoft's official site, the publisher revealed that the remake's development has been essentially restarted and is now in the "conception phase." In the Q&A, the title's producer, Jean-Francois Naud, discussed the project's current status, saying, "We're building up the team, defining priorities, putting prototypes together, testing elements, and looking at how we can include community feedback in the development as well.”
The remake was announced in September 2020, with Ubisoft's Pune and Mumbai studios in the driver's seat and a January 2021 release date targeted. It was then pushed back to March 2021 before the company announced an indefinite delay. After receiving little information about the project, Ubisoft Montreal announced via its official Twitter account that it would take over development of the game in 2022 and would "build upon the work" of the previous developers. Pre-orders have also been suspended until further notice.
On May 24, it was also announced that the game would not be present in any capacity at Ubisoft Forward Live in June, and no information about its expected release date was provided. Given the game's current state of development, we're unlikely to hear anything about it for quite some time, with a release date at least a couple of years away.

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Prince of Persia: Sands of Time remake is back in the “conception” phase