It has been a very good week for fans of old school video games. First, Capcom announced that they were porting over Marvel vs Capcom 2 to Xbox LIVE and PSN, and now, via Joystiq, according to Ninja Pizza Blog, Konami is hard at work developing a remake of the side scrolling beat-em up classic Teenage Mutant Ninja Turtles: Turtles in Time.

Turtles in Time is a remake of the version released on the Super Nintendo in 1992. According to Ninja Pizza Blog, aside from the improved graphics and a few minor changes to the game’s bosses, very little about the game has been modified from its original 16-bit form. Also, nostalgic fans of Turtles in Time will undoubtedly be pleased to hear that the game’s iconic soundtrack has survived the remake process intact.

No new features have been announced for the Turtles in Time remake, but it would be nice to see its original two player cooperative (or versus) mode expanded to support all four Ninja Turtles. Even if Konami decides to keep the game only a two player experience, it is very likely that gamers will be able to hook up with friends online to journey back in time to fight the evil Foot Clan.

A release date has yet to be set by Konami. However, seeing as the game is still in its Alpha testing stages, it is safe to assume that its debut on Xbox LIVE (and possibly Wii Ware and PSN) is still a little ways off.

Turtles in Time enjoys a large cult following and is widely regarded as being one of the best Teenage Mutant Ninja Turtles games. Konami also developed a Teenage Mutant Ninja Turtle game for arcades in 1989. It was eventually turned into a Xbox LIVE Arcade game in 2007.