Here’s my two cents.
As always we have to speculate endlessly due to a lack of reliable information, communication or any news outside of the usual snippets here and there. Ever since the 2012 sale there is apparently no legal reason why the OOT cannot be presented so it would make little sense to not begin a 4K restoration. Combined with the fact that no SE version exists in 4K and neither do the added effects, it becomes even more necessary for a product maintenance standpoint in terms of the company’s mind to make a new 4K master from the original elements in order to have a new presentable version for all 4K platforms and future events etc. The 97SE could be scanned in 4K but the VFX added were somewhere around 1K at the time as far as I can understand it so they will not hold up. Otherwise you only have 1080p for the 2004 and 2011 editions.
When the footage included in Rogue One popped up of original Battle of Yavin elements incorporated into the film that was the clincher for me as being the one bit of proof that Disney was very likely already working on some type of in house restoration project if only for archival purposes like many of their other restorations that are still unreleased even years after completion.
I do think that 4K is on the horizon for Star Wars in some form and that it will be a version of the OOT. Of course all we can do now is speculate. But knowing Disney’s usual methods of Blu-ray presentation and video mastering etc. I would assume that eventually we will be presented with a rather well done 4K OOT without alterations a’la the restoration of Mary Poppins and the new version will have a 5.1/7.1 mix probably based on the 70mm mixes. It has been stated in interviews that LFL has all the theatrical tracks digitally archived and available for usage but I’m sure we won’t get those on disc sadly and if we do it will only be as a lossy extra track perhaps in a more deluxe box set version.
I would worry about the color timing though since Disney and others still let teal and other color infusion happen even in new remasters. (AOTC went a bit green on the Blu-ray.)
I’ll bet that they’re having a VERY rough time with AOTC and ROTS due to them being early digital shoots. TPM should and CAN look great outside the soft digital elements. I will say though that my memory of the theatrical showings I saw on the original runs all were great. I wish I could remember technical details more clearly but I saw TPM opening week in Dolby EX, AOTC and ROTS on midnight releases, AOTC in 35mm several times and the IMAX version. I do remember being surprised when the video releases came out for each at how much more obvious all of the digital work and effects were. It looked much better on 35mm but I didn’t see any of the DCP showings of either one.
So in short, I think it is coming at some point-but the chances of getting what we should have in the form of a Blade Runner style set with all versions available for fans should they choose to buy the complete box set are very slim. (Not to mention that even though I adore that set and waited outside the local Best Buy day of release to get a copy-it isn’t perfect and standardizes the archival versions a bit in the way that I think the OOT would be on 4K UHD. And now WB has only done the Final Cut in 4K leaving the other versions and all the extras stuck in the old disc forms.)