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They already have. FF 13 was futuristic. FF Tactics was a combination of Victorian and Medieval/Renaissance style. Because they had old style Cathedrals, Chocobo Knights[like knights on horseback etc] so that's been done. Except it was only for Tactics, they never did it ever again after that. Well no....they did show Chocobo's being rode on in FF Type-0. Also apparently nobody is paying attention to their mobile games. Final Fantasy Dimensions was classic Final Fantasy written all over it. Was 16 bit style, with towns castles and a job system. So if anything if they aren't making CONSOLE games that are classic style Final Fantasy they are certainly attempting it on other devices....Why not try something entirely new like i.e. an ancient setting (think Roman Republic, Three Kingdoms China or Ancient Greece), Renaissance/Victorian era, early industrial age or even futuristic?
This pretty much sums up my opinion. Square Enix has too many RPG's in its library, their flagship franchise needs to have distinct elements in order to stand out from the rest of Square Enix's portfolio.Its true roots are more or less as a Dragon Quest clone. If you want something like the first three games in terms of setting and substance, there's always... well, Dragon Quest. I see little point in the company taking both series in the same direction.