S.T.A.G.E. said:
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Konami is irrelevant to be honest, but hey if Nintendo floated them a few bucks to bring back the Contra series, sure why not.
Square-Enix and Nintendo have a healthy relationship these days. Just offer it ... a joint RPG with Nintendo and Square-Enix characters would likely be a bigger seller than any of Square-Enix's franchises period (mainline DQ or FF included). You're talking about a probable 10+ million seller worldwide, not to mention a very clever way to introduce a lot of Western players to Dragon Quest characters in particular.
And this is a franchise they could potentially slow roll out with new characters/worlds in different sequels (ie: save things like Animal Crossing world or Pokemon and certain FF/DQ characters for the sequels), it'd be an endless cash cow.
Does Square-Enix want in on that gravy train or not? I don't see them saying no. But if I'm Nintendo I make sure I get a crown jewel or two in the deal in return ... I want those FFVI and FFVII remakes. I need something back that will sell my hardware. Win-win for both sides.