I am a huge fan of Team Ico, but I imagine that the scope of such a project would need to be limited in a number of ways that would make it unlikely.
1) Team Ico: the team probably wouldn't do the work since it would delay The Last Guardian's release (and the revenue that would justify keeping them alive at Sony Japan). So at best, I'd hope they would be available to any resources Sony hired to do the port to guide them and I would hope they would give final approval on the effort.
2) Timeline: it would be advantageous to release SotC and/or Ico on PS3/blu-ray before or immediately around the launch of The Last Guardian. No release date has been announced, but the hope is that it'll be 2010 since it's been 4+ years since their last release. This is completely unknown, so maybe #1 could be reversed, but I think it unlikely.
3) Porting and remastering: the game engine plus the graphic assets would probably need a lot of work to get onto PS3.
The graphics and animation were built only for the PS2, so unless the team did a good job at writing portable or maintainable, documented code (unlikely since they were trying to extract as much performance as possible), it'll be a considerable effort to port. Having said all of this, it would be easier to make PSN releases with the PS2 graphics.
I'd prefer the graphic assets get recreated for High Def, but that's a luxury that costs money and effort so that would be potential for tradeoffs.
4) Budget: depending on the projected success and marketing around the Last Guardian, maybe the effort to outsource the port and reap the additional sales for SotC/Ico rerelease or Blu-ray or port to PSN could be rolled into an existing budget. I think everyone would agree that the existing Team Ico audience today is smaller than the GOW audience, but could The Last Guardian outshine and outsell GOW to change the balance? I don't think that is likely, but I could be wrong.
So the combined scope of resources, timeline, porting+remastering, and budget all feel to me like a lot of constraints dragging on the full blown realized re-release of Ico and/or SotC. The smaller effort to port to PSN is more likely.
I'd be happy with just SotC remastered on the PS3, I'd buy it! It's on my top 5 games of all time, but so many of the textures struggle when upscaled to 1080p on my 60GbPS3.
I do hope that they can do this and do it right! Maybe they can hire me as an outside producer. :~)
P.S. I think TyrantII and I agree.
I found this fan art for the PS3 cover on the Internet...