That seems like a very silly rumor. It is probably the working title for the protoss campaign for SC2, or some kind of MMO/FPS treatment like SC: Ghost or something.
Trailer was pretty cool, I'm split on if I care enough to pay another 50$ for another (albeit awesome) singleplayer campaign.
Not the Protoss expansion. I don't think Blizzard will try making another FPS after ghost. I also doubt an MMO because that's what Titan will probably be.
A remake of SC1 wouldn't take much effort at all because they already have all the units made, and the campaign can be made easily in the editor. They'd only need to tweak the stats a bit. Many people still play SC1 over SC2 so a remake with better graphics has the potential to sell with little investment by Blizzard.