NareHop and Josyanf1, two independent developers, are working on a remake of Alex Kidd in Miracle World, a Master System classic starring SEGA's former mascot. The game, which was very popular in Brazil among those who owned the console in the '80s and '90s, came built into several of its models.
The game's graphics will be completely redone, and the goal is to recreate every stage, boss, and enemy with a graphical update that closely resembles 2D games from the 32-bit era. There is still little information about the game's production, but the fans intend to release it for free once it is finished.

And for anyone worried that SEGA might block production of the remake, rest assured. Despite what happened with Streets of Rage Remake, the company's stance on fan content changed several years ago, and nowadays SEGA encourages its fans to create content based on their favorite franchises and even allows mods for its Mega Drive games on Steam through the Steam Workshop.