Ok, let's talk some hard facts now. I guess it's pretty much assured that he's talking about a main series Final Fantasy game, since those would be the only ones to create a "huge reaction" to it. The Chrono series had Akira Toriyama as artist and not Nomura, so they're out.
Now, Final Fantasy III and IV were recentely remade for DS. Also, FF I and II got a PSP remake not too long ago, so we can rule them out.
This leads us to FFs V to IX.
Final Fantasy V was designed by Amano and Nomura. Amano was the main artist, and Nomura collaborated. The same goes for Final Fantasy VI.
Final Fantasy VII had a single artist, and it was Nomura. FF VIII had two artists, Nomura was main, and Naora collaborated. Final Fantasy IX instead had Itahana and Amano, respectively.
We can safely assume that FF IX is not gonna happen. Nomura wouldn't be the one to announce a project in which he didn't have a part.
FF V and FF VI had Amano as the main artist. This makes it highly improbable that it'd be Nomura to do an announcement like this, as he would most likely announce projects in which he had a major lead.
This takes us to FF VII and FF VIII. FF VII is the most known of the two... so it'd be logical to assume that's the one to get announced. Still, they might be keeping it for a "bigger occasion" and do a FF VIII remake instead.
Also don't forget that this could be just a port. Getting FFVII ported to DS is pretty much feasible, and the DS is the top selling console right now, so it'd be a quick cheap way for SquareEnix to get loads of money.
Well, time will tell.
EDIT: Quick fix on FF I and II remake.
