The problem with this idea is that Pokemon is designed for a key demographic: The Japanese. The Pokemon fad in the US has passed, no kid in American has "gotta catch them all", there are other better games for kids to play these days and Pokemon's sales here are mostly from nostalgia purchases or jRPG fandom (which I occasionally subscribe to). However, in Japan, I don't know how else to put this, I feel like Pokemon is like Batman is here; not just some fad to boom and fade. Mind you that second part is just a hunch, as an American I know very little about Japan's game trade, but I still just feel like more of the market for Pokemon is in Japan.
Now for the nail in the coffin of my long held dreams (which have faded since, Pokemon losses a lot of it's luster after age 15 or so) of an epic, console based Pokemon game: In Japan, the portable games market is HUGE. A large amount of commuting is common in Japan, and they have a very strong public transport system (which every country should strive for to reduce unnecessary consumption of finite fuels), this leads to long hours of mobile game time perfect for the classic jRPG grind.
So, yeah, Nintendo of Japan doesn't see any logical profit from a console Pokemon game, and Nintendo of America I guess just aren't capable of doing anything other than translation? One way or another I don't see a legit console port of a Pokemon game happening any time soon, which is somewhat of a shame as I always felt Pokemon would fare batter in the west if it took the console epic and beautiful jRPG route.
On the plus side: Emulation gets better every year and is totally legal if you actually own a copy of the game you want to play. Just hook your computer up to your TV and any USB controller into your computer and you're good to go. Play the game however you want, you own it after all, and modern GBA emulation allows for online play unless I'm mistaken. OH, and I think there might be a free Fan made Old School Pokemon MMO out there, maybe it's worth looking at.