We reported on the possibility of Shenmue getting a HD Remastered collection in the past, as the SEGA registered domains for Shenmue HD recently. But further support is coming out with Rice Digital, as they stated the following.

A trusted source close to Atlus USA, today revealed to me that Shenmue HD Remaster will be released this year. Both games, Episodes 1 & 2, may be released together rather than separately. They are presumably being geared up for launch to precede Shenmue 3, which could possibly slip into 2018.

This would make sense, considering how we got the domains registered not long ago. If this is indeed happening, SEGA/Atlus would start work getting it ready for this year. I think it would be great personally to see Shenmue get a HD Collection; many have not played the series and I could see this being a great way to re-introduce the series for modern audiences.
The Rice Digital report states that both games will be releasing together and they main reasoning for it’s release is to hype up the launch of Shenmue III (which is being pushed into 2018 according to this report. But like all rumors, know the the following; This news surrounding Shenmue HD Remastered is NOT an official announcement from SEGA or Atlus. While this can be true, please don’t take it as fact until SEGA/Atlus give an clear statement on the matter. 
Source: Rice Digital