Wasn’t there a persistent rumor about Bluepoint having a second project besides Demon’s Souls, which purportedly was a Legend of Dragoon remake? Bluepoint themselves teased two projects on Twitter, with hints from various franchises including Metal Gear Solid and Castlevania, among the aforementioned two. But that was months or a couple of years before the Demon’s Souls announcement. After the acquisition, Bluepoint has a desire to make original content, so things may have changed.
But let’s say that Sony acquires Square Enix. Would one of SE’s teams work on a Sony IP, like Legend of Dragoon? I’m not well acquainted with SE’s internal divisions or studios, but it’s safe to say that SE wouldn’t care much to resurrect a two-decades old franchise of Sony’s when they themselves have a multitude of IPs which haven’t been utilized in years as well. And seeing how much invested into Final Fantasy they are, it’s very unlikely to let another JRPG breathe besides their favorite child.
Unless Sony has any plans to somehow turn LoD into a live-service or gacha game, the title will stay into obscurity among the general public. Admittedly, I’ve never played LoD so it could be possible to expand its world and keep it alive for several years would it be successful. Sony has founded ForwardWorks which works on mobile games based on Sony’s dead franchises, but its main focus is catering to their Japanese audience and SIE hasn’t really emphasized on that front for now, despite enormous success from Aniplex and Fate Grand Order which is also owned by Sony. In general, if Sony felt like keeping LoD relevant, they would have made a new entry for years now.
The only safe future I can consider is adding the original game on the new PS+