At a Square Enix meeting today in Tokyo, honcho Yoichi Wada was asked about, wait for it, the possibility of a FFVII remake. He replied that even within Square Enix there been several discussions about a FFVII remake and that the developers who worked on the game are happy that it still remains so popular.
Continuing, Wada said that Final Fantasy brand management is "difficult", and that Square Enix feels as though it has not made a Final Fantasy that surpasses FFVII. Thus, Wada added, if Square Enix remade Final Fantasy VII at this point in time, it would mean that Final Fantasy is finished. The reason is that Square Enix would be making—remaking, rather—a Final Fantasy that is better than the original FFVII. So, I guess, by not doing a FFVII remake, Square Enix is pushing itself to produce a game that's greater than FFVII.
This echoes what Final Fantasy designer Tetsuya Nomura said earlier this spring—namely that "new Final Fantasy games take precedence over a FFVII remake." Nomura added that the goal was to make games that rivaled or even surpassed FFVII.
Wada's recent comments on a FFVII remake differ from what he said in 2010: "Right now we don't have a clear direction, but many fans have requested we remake Final Fantasy VII. We're going to explore the possibility—whether or not we're going to do it, if we're going to do it, and the platform."
Consider that possibility explored and put off for the time being. Though, I sometimes wonder if there is a Final Fantasy VII buried deep in Square Enix's offices and stored behind glass that reads, "Break in case of emergency."
Wada is correct, though. If Square Enix remade Final Fantasy VII, the brand would be finito. What people want from Final Fantasy is either a Final Fantasy VII remake or something better than FFVII. When people get what they want, they will move on. And if the remake isn't as good as they hope (and this build up isn't doing Square Enix any favors), people will bitch and moan and complain. Either way, stick a fork in Final Fantasy, because it will be done.