Codemasters owns the IGI franchise but the publishing rights for the first game probably still belong to Square Enix (Eidos). So unless one of the parties buys the rights or a third party like Nightdive steps in it won't happen.
In the end it all boils down to if they can make a profit out of it after paying all the lawyers and paperpushers.
This is all speculation from my side of course.
Codemasters have their heads up their asses -- Operation Flashpoint Dragon Rising should have had much greater support than it got, would have led to a wider and more dedicated audience than it had. And the subsequent full-blown botch of an attempt at a sequel (Red River ...ugh, I shudder to even utter the title) was abysmal on nearly every level. I hope someone with dedication and substance can relieve them of the IP's they no longer deserve, IGI included, if that's the current case with this underrated series.