Well, it's rumored that 3DS EShop will get Turbo Grafx games at some point. And continuity between the Wii and Wii U Virtual Consoles are still up in the air AFAIK. So if Magical Chase were to appear, it would be one one of these consoles.
The rights as DragonMasterDan points out are probably in the hands of Square Enix. But the publishing rights for the original game could be in Konami's hands. I don't even want to get into the later ports.
So it sounds like a legal mess, BUT this is true of other games that did up on VC.
I still think it's unlikely though. The early years of the VC saw it as more of a dumping ground, with lots of games ported regardless of interest. But today, the focus for 3DS and the latter years of Wii seems to be on fewer releases and more well known quantities. I doubt that the VC sales of random Turbo Grafx games are worth the salary of a lawyer or anyone else to round them up at this point, so if it's not obviously owned by Konami I'd say forget it.