I would think if the arrangements are modified in such a way that the new 'classical' version becomes a piece of it's own, in some cases you can start to speak about a classical piece.
What Night of the Proms does: invite pop artists and have their music played by an orchestra (and choir) (notp.com), this clearly doesn't make it classical music.
But if you go one or a couple of bridges further than that, it must be possible to result in a classical piece, even if the original is a pop song?! (can anybody name examples of this last scenario?)
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