Okay, to clarify this: the creators of FFVII simply stated that they liked the idea of making a sequel. There are no confirmations for a sequel as of now. However, it is highly likely that there will be one. In my opinion, if they are making a sequel to FFX then they have to make a sequel to FFVII. FFVII was by far a way better game than FFX.

ZeZipster, think about what you said there. Aeris is dead. She won't be back in the sequel- or at least alive. So I doubt there's any chance that she'll be wearing anything of the sort. Now, Tifa on the other hand...