According to the producer of the title Naoki Yoshida, the development is well underway. Nevertheless, it seems like the new Final Fantasy won't be presented at the next Tokyo Game Show as was expected by the fans.
Players were disappointed as they were waiting for the presentation of the game for quite a long time. However, Yoshida comforted the audience and stated that we will get a lot of new information about the game the next time. It doesn't clear enough what he means, but it looks like soon more facts about the title will be revealed.
According to the recent Final Fantasy 14 live stream, the plot of Final Fantasy 16 is fully finished. Moreover, the work on voice recording for the English version of the title is almost finished as well. The reason why the game is still not presented is that Yoshida wants to show it at more recent stages of development. Based on the latest information, he wants to attract an audience who will watch the trailer to impress and make them want to buy the game. Hence, it may seem that with the appearance of a new trailer the prerelease will be available as well. Also, new information about Final Fantasy 16 will be a sign of a soon-release date.
Yoshida said that he doesn't want to provide players any ambiguities. The debut trailer for the game released this September spawned a host of rumors and speculations among the fans of Final Fantasy and as a result, they may expect from the title something different that won't be available on the release. Despite the producer being satisfied with the current state of the game, he wants to present more information for the fans later. For today, the suggested date of the release is 2022 year.
According to that, we may expect a reveal of the battle system and the majority of notable features in the following updates. Nevertheless, Yoshida stated that fans may expect something absolutely new that significantly differs from the previous parts of the franchise.
There is still very little information about Final Fantasy 16 except the game will be available on PlayStation 5. Nevertheless, it may appear not exclusive for PS 5 only, and versions for other platforms will be released simultaneously or later. During the last years, a lot of ex-exclusives were ported for other platforms including Final Fantasy as well. In this way, the franchise received a lot of new audiences.