It's the same as saying "make the prequel to FFVI" (aka, tell what exactly happened in the War of the Magi); basically, a hit or miss that can only be measured with the only prequel thus far in the series, which is FF7: Crisis Core. If you considered the prequel's story (not the gameplay) fitting, then they might have a good story in their hands; otherwise, better leave it as-is.
Thing is, Squeenix is going through their FF games with a comb. First, they went and made remakes; then, with FF7, they went with splinter stories such as Crisis Core, Advent Children, Before Crisis and Dirge of Cerberus. Then they're doing the same with FF13, and now with FF4: The After (Years). They're going with the most popular, so if they're gonna work with a prequel/sequel to a new game, they'll probably deal with FF6 next (if only because FF5 has an official remake, and FF6 hasn't changed that much since being released). FF3 will probably be relegated a bit, only when they do a remake for the PSP (as they're gonna do for FFIV).
In other words: highly unlikely, what with Squeenix being far too erratic with the series. I'm this close to telling them to pull the plug on the series, since they're running with the series up to the point of exhaustion. But if they're going as they do, expect a prequel to FF6 soon in the making, after they remake FF5 for the PSP and FF7 for the PS3 (even if they say they won't), probably at the moment they consider doing something for FF8.
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