In a new interview, #FinalFantasyXV director Hajime Tabata was asked if he would be willing to take over directing duties for VII Remake in a similar fashion to how he became the lead for XV: taking the reins from Nomura. His response was a definitive "no" stating:
"I don't think that's something I can do. I think the only people who could do that are Mr. (Yoshinori) Kitase and Mr. (Tetsuya) Nomura."
To be fair, Nomura and Kitase have had various roles with the original game. Tabata stepping in for this project isn't the same as him taking over for an entirely new release like Final Fantasy XV.
Interestingly, Tabata expressed that there is a different project he would be open to: Final Fantasy VII-2. But before you take this as confirmation that VII-2 is actually happening, it's not, at least not now. But the prospect of such an entry isn't all that insane; in fact it's rather plausible for a few reasons.
The Compilation Has Several Lingering Threads That Need To Be Resolved
Love it or hate it, the Compilation of Final Fantasy VII is, or at least was, canon. The games were centered on expanding the mythos and characters of the original game.
In the first entry of the compilation, Advent Children, we learned Sephiroth was still alive in the lifestream. In addition, Genesis, a new character for the compilation, was still at large. Introduced in the prequel directed by Tabata, Crisis Core, Genesis served the that game's primary antagonist with his dying body being recovered by the game's end. Genesis would later reappear in the secret ending of Dirge of Cerberus which takes place three years after the events of Final Fantasy VII.
These two lingering threads have been left unresolved for the better part of a decade and with VII Remake in the works, a Final Fantasy VII-2 could serve to finally conclude the events set in the world of Gaia – and maybe explain how Final Fantasy X is connected to VII if you still believe that theory. Of course there's always the possibility that with VII Remake spanning multiple entries that the story of the compilation will be included and finished (hopefully).
For now Tabata's team is slated to begin work on a new mystery IP, but there's still speculation that a portion his team may have at least started early work on is the next mainline Final Fantasy. Either way, per typical #SquareEnix fashion, whatever's next for the series is a while away. At least we'll have Kingdom Hearts III to hold us over, right?