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If you're talking about the sales crown, then no, probably not. Square will just throw a load of money behind whatever Final Fantasy releases and people will buy it regardless.

If you're talking about JRPG crown, then I honestly don't think there is one anymore. Square did have it once upon a time but during last generation it was lost. And no-one took their place. Xenoblade was good, and indeed this sequel may even be better, but there's plenty of other companies creating great stuff out there. Atlus; Media.Vision; Level 5 etc., but I don't think anyone will become the new Square, and I don't think any individual series will become the new Final Fantasy.