The odds are tipping slightly on the positive side of the scale that this game gets a western release. But, for it being a PSP port, it will most certainly be Digital-only. And only because it would be perfect to have on the Vita, as well!
On the Internet, there are no Ganons or Zeldas, only Links. The Official Stiltzkin of all boards
They didn't announce FFIV: CC until a couple of months before release here, so don't worry too much if a western announcement isn't immediate.
I'm...actually happy for this; I loved the Famicom version and was pissed that I missed out on the DS version (low vision - can't play; at least the PSP has TV-Out); I'm hoping that since this was released AFTER that V and VI are being worked on and this gives them time to finish.