The story of Final Fantasy 7 likely won't be concluded in the sequel to Final Fantasy 7 Remake, based on comments made by co-director Tetsuya Nomura. FF7 Remake expands the original's Midgar section into its own game, and it would be difficult for FF7 Remake Part 2 to finish the story at that same pace.
The Midgar portion of FF7 can be completed in a few hours, depending on the skill level of the player. It's one of the most iconic locations in video game history, so it makes sense Square Enix would want to expand it for FF7 Remake. Midgar does return for a brief portion of the original game at a later point in the story, but it's not the focal point of the plot. The party members travel through many locations in FF7, but it's unlikely these will be expanded to the same degree as Midgar in FF7 Remake Part 2 and future Remake games. FF7 locations like Kalm and Junon will almost certainly be expanded, but they likely won't host an entire game's worth of story.
The inevitable shift away from Midgar in future Remake entries has led to speculation about how many more FF7 Remake games there will be. It has been confirmed that FF7 Remake Part 2 is in development, but nothing has been revealed about it so far, including its official name. Comments from Nomura last year suggest there might be more from FF7 Remake after the coming sequel.
FF7 Remake Part 2 Likely Won't Be The Last FF7R Game
In a July 2020 interview with Famitsu (translated by aitaikimochi on Twitter), Nomura revealed fans will have a sense of the direction of the series when the second game is officially announced. This suggests there could more games planned past the sequel, unless FF7 Remake Part 2 cuts the story short. There are still over thirty hours of the original FF7 left to tell, and it took Square Enix five years to complete just an expanded version of the first few, so it will be impossible to build the rest of the world without extending the series a few more years.
It's unclear exactly how many games will be released in the future, but it's not likely going to end with FF7 Remake Part 2, especially with the first game being so popular. Square Enix could easily squeeze five games out of the FF7 Remake series, and it's possible this new story could last the length of an entire console generation - if not longer. Square Enix is currently hyping up Final Fantasy 7 Remake's PlayStation 5 upgrade, but the day may come when the company is promoting some form of the game for PlayStation 6.
Source: Famitsu via aitaikimochi/Twitter