UPDATE:

Insomniac CEO Ted Price has taken to the PlayStation Blog to confirm the Ratchet & Clank Collection

The disc will include Ratchet & Clank, Ratchet & Clank: Going Commando, and Ratchet & Clank: Up Your Arsenal. Developer Idol Minds is remastering the collection that will include 1080p graphics, 3D support, and three Platinum Trophies. The "online competitive multiplayer" from Up Your Arsenal will also be included.Unlike the original rumor, Price says that the collection is coming to the North America in the fall and to Europe in the spring.Original story follows:

The first three Ratchet & Clank games may be headed to PlayStation 3 in HD this May.Rumors indicate that the Ratchet & Clank Trilogy would hit PlayStation 3 on May 16th featuring the franchise's first three games in high definition. The collection will allegedly run at 60 frames per second and will include Trophies and 3D compatibility. Ratchet & Clank 3's multiplayer will also be included, featuring support for up to eight players.This comes as no surprise considering the recent HD collections for other notable PS2 platformers Sly Cooper and Jak and Daxter . In fact, we've been expecting a Ratchet & Clank collection Sony hasn't made any official announcements, and while the company doesn't normally comment on rumors or speculation, we've reached out for more information just in case. Would you re-play the Ratchet & Clank games in HD? Let us know in the comments below.Source: NeoGAF