It was always a slim hope; even then, it would have come with a premium price tag. Still, our dreams of Persona 3 Portable's female protagonist coming to remake Persona 3 Reload have been dashed against cruel, hard reality, seemingly for good. Producer Kazuhisa Wada let us down gently but firmly: "It is likely never going to happen."
Wada spoke to the now-defunct Game Informer, which means we can't link to the article itself, but PC Gamer has a copy of the final issue and relayed word. Sadly for fans of naginata-wielders, Atlus determined that including Kotone Shiomi (as the character is canonically known) would require too much work:
"The more we discussed it, the more unlikely it became. The development time and costs would not have been manageable. P3R has just been released, and there is currently a lot of player interest, so if we are to do an additional release, it has to be now. But since it is not possible for us to release P3R with the female protagonist in this window, we just can't do it. I'm really sorry to all of the fans who were holding out hope, but it is likely never going to happen."