According to Verendus' recent posts there will be a FFVII spin-off that's not AAA, but most of us would like it, apparently. That might be Toriyama's next project. Or maybe the FFX spin-off on his list. There are two games on that list are that he can't vouch for, though, so keep that in mind.
"New post, since I wrote more than I thought.
Here we go
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JRPG #1
JRPG #2
JRPG #3
JRPG #4
JRPG #5
New Shadow Hearts
Final Fantasy spin-off RPG
New SE console RPG IP
Final Fantasy X spin-off
FF7 spin-off
FF6 remake
Square Enix crossover game
New Parasite Eve
Monster Hunter PS4
DMC5
New Capcom TPS IP (Because we need more TPS)
New EA IP
New Ubisoft IP
New Prince of Persia
New Naval RPG
New Cyberpunk Action/Adventure/RPG IP
New Sega Action/Adventure IP
New Marvel Action/Adventure title
New Soul Calibur
New Rockstar IP
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This is my wishlist from a while back. I've deleted games off it that I've talked about being in development in the past, and titles that people already know are in development (MM's new IP, GG's new IP, Gran Turismo etc.).
Here's the truth about this wishlist, when I posted it, about half of these games were probably going to show up at E3. Hence why I said in the post that I'll like E3 if even half of them show up. Now here's the thing, forget that. The when doesn't matter now. And that post is now meaningless with that kind of statement since I know what's happening generally, and the number doesn't fit due to some changes.
[...]
To ruin some SE stuff.
FF7 spin-off. Real. Not AAA, but it'll be good. No one is going to complain. Current gen. Square Enix crossover is PS4 exclusive. I don't mean Musou. New Parasite Eve is pretty straightforward. A new PE game.
[...]"
http://www.neogaf.com/forum/showpost.php?p=166482193&postcount=11040