As is mentioned in 3 other threads across the site, Fanatec has developed native PS4 drivers for their wheels. However these drivers are not installed into the PS4 operating system, they are actually embedded into pCARS. This means you need to use a PS4 controller for menus and can only use your Fanatec wheel in game. Fanatec has not (yet) acquired an official PS4 license for any of their wheels: they are using the same loophole as the T500.
I assume Fanatec have done the hard work in creating these drivers, and are now lobbying all other console game producers to include those drivers in other racers.
Assuming GT7 support might be a step too far, however, because GT is a first party game for Sony and might well be explicitly limited to wheels which are actually licensed for the playstation 4 (like the T300). Only time will tell.