The PC release is happening first with a console release coming later.

Metro Exodus Enhanced Edition was announced back in February 2021 for the PC, PlayStation 5, and Xbox Series X|S. This release of the game can be considered a graphical remaster of the original release. Though this will be a free release for existing owners of Metro Exodus, you will need hardware capable of real-time ray tracing to even run it. There are no exceptions to this.

Metro Exodus Enhanced Edition will first be released on the PC come May 6th. This release is free to everyone that owns the original release on Steam, Epic Games Store, GOG, or the Microsoft Store. This isn't an update to the original game, this is an entirely separate entry in your games' list.

The release will total about 80GB in size. The minimum requirements include a ray tracing capable card. There will be "advanced ray traced reflections and support for the much requested DLSS 2.0 on Nvidia hardware, which offers sharper image details and increased framerates and display resolutions."

The PS5 and Series X|S releases are coming at a later date.

For those wondering what this release offers beyond its original release, Digital Foundry has you covered. They have an extensive look at the graphical upgrades made in this fully ray traced release of Metro Exodus. You can find that embedded below.