Huge news today in Japan as Square-Enix announced it reformed business model, and a significant rise in the likelihood of a Final Fantasy VII remake.

Late Wednesday night, on their Japanese web site, Square Enix announced that it will be working under a new business model, focused more on re-releasing existing titles and creating sequels to older games.

This change is no doubt due to the overwhelming success of its latest projects, which have all be remakes of Final Fantasy games for the Nintendo DS and Game Boy Advance platforms. These remakes have done surprisingly well and have prompted Square Enix to look into the remade games further and for other systems as well. As a result, the company has decided that remakes and sequels will do well enough to keep the company in the green for quite some time.

This news will no doubt start an uproar in Final Fantasy VII remake rumors that have slowly lost their credibility since E3 of 2005. But even more exciting news to some is the possibility of other Square Enix franchises such as the Chrono series being dug up from the grave and re-released on next gen platforms.