According to this article
over at TeamXbox
Midway will be releasing Mortal Kombat, Mortal Kombat II and Mortal Kombat 3 in volume II of Midway Arcade Treasures, to be released during the 2004 Holiday Season. This is great news for all of you MK fans out there that don't have access to the original arcade version of the games, but instead are stuck with the lackluster console ports of the early 90s. The other games that will be in the collection are NARC, SpyHunter 2, Arch Rivals and Total Carnage, the sequel to Smash TV.