Currently Online 
I think Square Enix were planning to announce FF15 two years if not last year, but they've learned from FF13 and FF12 that it would be better to switch the game to PS4 and Xbox 720.
So the game is still in development, but it will be developed as a launch title for those consoles.
I believe Yochi Wada is planning to relaunch the Final Fantasy brand in a new style. That style will be the fantasy setting of previous games coupled with the FF12 style of RPGs, which is similar to games like Xenoblade and Skyrim.
In short, I think the game is coming, but they know to successfully relaunch the Final Fantasy brand they will need to do that on a new generation of consoles. I have faith that Hiroshi Minagawa, Hiroyuki Ito and Production Division 4 will return the series to greatness!
