This is just an interesting what if I was thinking of. It isn't incredibly far fetched. MS has been on a massive buying spree going on two years now. The latest being Bethesda, with a freaking $7.5 bil purchase.
So it doesn't seem MS is looking to slow down on buying studios soon, and given the money they shilled out for Bethesda, them making such an offer to Square Enix isn't so far fetched. The question is, if they went along with it right now, what would the fallout look like considering FF16 is coming out as a PS5 exclusive, and FF7 Remake Part 2 will likely also be a timed PS exclusive like pt1?