Square Enix are busy at work on a new massively multiplayer title, according to CEO Yoichi Wada. The project was mentioned during the company's May 13 earnings call, the same event where the company posted "extraordinary losses" (about $150 million) and were forced to address the dismal failure of Final Fantasy XIV, on which quite a bit of work still needs to be done for them to begin charging a monthly subscription.
Square Enix hope to announce the in-progress title before the end of the fiscal year, and believe that operating two-to-three large-scale MMOs will supplement their income with some amount of stability. Final Fantasy XI continues to service a loyal user base, and though XIV launched to thunderous outcry, Wada believes that the game is nearly to a place they are comfortable with.
You can take a look at the laundry list of improvements planned for Square's most recent massively multiplayer offering, and hope beyond hope that whatever they are working on now releases in better shape.