Steam Fallout 2 fan-made remake "Project Arroyo" using Fallout 4's creation engine is targeting a Steam release

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Fallout has been a steadily growing RPG franchise ever since its first release back in 1997 for Windows and MS-DOS, with the sequel Fallout 2 following closely just a year later in 1998. During its first two iterations, the franchise had very similar gameplay to that of the Diablo franchise, in it being an isometric view game with some dungeon-crawler like elements, with the player going through different environments, finding items and fighting enemies along the way to accomplish their goals.

It wasn't until 10 years later, with the release of Fallout 3, that the franchise switched formats to a real-time RPG in a 1st person perspective with full 3D environments, paving the way for the rest of the franchise to follow in this format. However, since then, the first two games of the franchise haven't seen a reimagining of any sort with the current developments of more recent outings.

This is where the new Project Arroyo comes into play. Utilizing Fallout 4's creation engine, the development team behind this project aims to fully remake the entirety of Fallout 2 into Fallout 4, with entirely new assets, be it 3D models, maps, objects, voicelines, music, etc.; completely made from scratch to resemble and improve upon the original release into a full 3D 1st person environment.

While remaking an older game is already a feat on its own, the team's lead, Damion Daponte, had an interview recently with The Gamer, in which he mentions that they have around 100 developers working on the project and they are making "fast progress" on it. Additionally, Daponte expressed a huge interest into bringing their Fallout 2 remake officially to Steam, with the following statement:

I'm leaning towards doing what Enderal: Forgotten Stories did and putting it on Steam.
It's just a platform that everyone has. It's easier to access, easier to update, easier to install. It's just more efficient.

We would have to figure out all the specificities with that, making it so you require Fallout 2 and Fallout 4 and all of its DLC to get it and make sure there are no legal issues. But we'll see - we're still looking into it. I'm personally leaning towards Steam.

It's still unknown whether or not they will go for the Steam option, given that would require a lot of legal hurdles to be settled to be able to properly release such endeavor into Steam.

The development team behind Project Arroyo has an FAQ with information regarding the current state of the remake in their Subreddit, for those interested in closely following up the project's progress.

Source
Project Arroyo's Subreddit
Project Arroyo's FAQ