For a while now, SquareEnix has been running a teaser site with the tag line “VII Days” (although some visitors to the site are seeing “VI Days”).
The countdown is set to finish at noon EST, and hopefully more details will be available at that time.
Until more details are revealed, there is plenty of discussion around the Internet as to what this announcement will be. Based on the fact that some visitors to the site are seeing “VI Days”, speculation is that there will be a DS remake of either Final Fantasy VI or Dragon Quest VI announced (the latter has already been confirmed, but details are scarce).
Either way, more details are expected around an hour now, so stay tuned.