I don't believe Capcom has any involvement. Square Enix still has the IP ownership of Xenogears as far as I know. So if Square wanted to make a Xenogears remake then they could. It is just that most of the team that were key to the game are at Monolith now, which is owned by Nintendo. So it is does happen it would be people that never worked on the game.
But I always say that the one game that deserves a remake more than any other is Xenogears because of the second disc alone. They need to properly finish it.
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