When Yoshinori Kitase was asked by CVG whether there will be a direct sequel for Final Fantasy VII, he responded with this:-

"It would have to be really big budget title. It would take a long time and a lot of money to make that. We would be interested given the opportunity, but obviously we'd have to see, round up the best staff, and we'd have to look at the situation in the market to see if it's good timing for us... At the moment we've got no plans... We might do it."

http://www.computerandvideogames.com/306594/news/square-would-be-interested-in-final-fantasy-vii-2-needs-to-be-big-budget/

FFVII's original story with it's original ending intact (no Advent Children or Dirge of Cerberus stuff) was great, a fantastic story. The more they do they more they take away from the true ending.

If they do anything, they should remake FFVI, graphical only, gameplay and story is perfect already.

I seriously hope they stop with the FFVII whoring.

This game does not need a sequel.

no thank you. Advent Children, DoC, and CC were miserable plots that only me wanna slap the guys who wrote the retcons. Especially CC that crammed Nomura's gushy love letter to Gackt down the players' throats.

Crisis Core was the only "Add-on" that FF7 needed.

Sadly with how Square is doing money wise doesn't surprise me they would do anything to get some cash even kill the name of FF7 by doing this.

They could get some cash in a much easier way.

Fire Wada and appoint someone else. This company needs a new vision.

No, coming from a huge FF7 fan (FF7 is my favorite game of all time). You already ruined the franchise with Advent Children, Dirge of Cerberus and Crisis Core. If you ever gonna make a new FF7 it should be a remake with HD graphics maybe an extra boss or 2 but thats it, nothing else.

Here here. 

@ Euphoria

I completely agree.  Fire Wada.  And while they're at it fire Enix, too.  Square was SO much better when it was Squaresoft.