There is a strong rumor circulating on the internet that Sony is working on a new PS2 Emulator. There is no confirmed news yet but you can take it as a pinch of salt.
If the rumor is true, then it should be a step taken in the right direction as the current emulator used for playing PS2 games on current hardware offers low compatibility and poor performance.
Reputed PS content creator Mystic, who often stays away from rumors and leaks, reveals that he has a strong belief that the console makers are working on a PS2 emulator, although it is not yet ready to showcase. There is a little chance that this will be a catalyst for the PS3 emulator as well.
Time will tell if the rumor is true or not but one thing is sure PS fans are very excited after hearing the news about PS2 emulators. Existing PS2 emulator is already outdated and this can pave the way for new PS2 as well as PS3 emulators as soon as possible.