The Elder Scrolls: Arena has been given a new age-rating by the Australian Classification Board, a government organization responsible for the age ratings on all entertainment products, including games. The rating suggests that the classic title is being prepped for a re-release of some sort.
The listing, which was discovered by Games.on.net, can be found here. It lists the game as an 'original' title, suggesting it is being planned as a re-release.
The game was registered under Bethesda owner Zenimax as a multi-format release, implying that the game may be available on platforms other than the PC, where it's already available for free.
Bethesda has yet to make any official announcement about a possible reboot. We've reached out to Zenimax and Bethesda to verify the report.