Mass Effect Legendary Edition has been rated in Korea which suggests that an announcement for this remaster might be happening soon.
The Korean Rating Board has an updated list of games that were rated recently and Mass Effect Legendary Edition is listed as one of the games that have been rated by them.
Mass Effect Legendary Edition was rumored by Jeff Grubb, who has been known to leak accurate news regarding unannounced games in the past. It was reported that this new edition of Mass Effect might launch later this year, however, according to Jeff Grubb, it has been now pushed back to next year.
Mass Effect series has only received one new game this generation with Andromeda, that ended up being critically panned at launch and basically stopped the series in its track. Bioware then went on to work on Anthem which was another critical and commercial failure for them.
EA had confirmed that they plan to release a remaster of an EA HD title in the current fiscal year. It was later rumored to be Mass Effect. The remaster can release before the end of the current fiscal year for EA, which means a launch before March 31, 2021.