Yes. If you already own FINAL FANTASY VII REMAKE (physical or digital edition) for the PlayStation 4 and own a PlayStation 5, you can upgrade for free to FINAL FANTASY VII REMAKE for PlayStation 5.* This free enhancement update does not include the new episode featuring Yuffie. The new episode featuring Yuffie can be purchased separately. An internet connection is required to obtain the free PlayStation 5 enhancement update. However, if you have purchased FINAL FANTASY VII REMAKE (physical edition) for PlayStation 4, and own the PS5 digital edition (the model without a disc drive) then you are not eligible for the upgrade.
*PlayStation Plus members who own a PlayStation 5 and have received FINAL FANTASY VII REMAKE for PlayStation 4 as part of the PlayStation Plus Instant Game Collection are eligible for the free PlayStation 5 enhancement update program from 22 December 2021. Please note that an active PlayStation Plus subscription is required to maintain access to the content.