The source goes on to say that Yoichi Wada, the president of Square Enix hopes the game ”surpasses The Elder Scrolls V: Skyrim” as well as the beloved PSone classic Final Fantasy VII. Additionally, the alleged FFXV director is believed to be Hiroyuki Ito, the same man behind FFVI, FFIX and FFXII.
If this rumor turns out to be true, I really hope you like FFXII, because this next major installment is also rumored to be an evolution of that title's battle system. The game will also be much larger in scope, with vast open worlds and "crowd-filled cities on par with Assassin’s Creed."
If this game is in fact coming to current-gen systems, you can expect an announcement relatively soon. Tokyo Game Show perhaps?