Unai from the spanish forum (who is also an active member here) is currently working on it AFAIK, but he is taking it so slowly.
If I were you I wouldn't put huge hope on it, it will never reach 100% compatibility and palyability, but it would be great if we had some heavy titles playable one day.
If you are dying for PSX Gp2psx you can push the development further by donating for the developers maintaining it once they have a new release, and you can also make a bounty on it in the wiki.