Let's hope not! That film should have been left alone to begin with. The last thing we need is a new 'updated' version. But if they do update it, I hope they use some of these casting suggestions (covering a fictional April 2010 to December 2014) rather than these.
I saw a hilarious video yesterday that showed a potential rebooted version of the lightsaber duel between Obi Wan and Vader, designed to join A New Hope to the prequel universe, wherein they both agree that they like Jar Jar Binks. Unfortunately I can't find it again, so instead here's a video by Improv Everywhere entitled Star Wars Subway Car.
And an older spoof by the Dead Ringers wherein Obi Wan tries to buy a car. Love the ending.