Over the years this game has been on fan wishlists I (as long as 4 years ago) expected that the best, most profitable way for Square to pull this game off and have it look like the 2005 tech demo (which , honestly, that's what people wanted) would be to split it up.
The original title was 3 discs.
Disc 1 actually ran quite some time - it lasts all the way until the death of Aeris.
Disc 2 has the entirety of the game outside of the final dungeon
Disc 3 only exists to handle the colossal size of the final CG movie which took up 35% of the disc space.
These aren't the greatest stopping points and it probably doesn't split the game up into quite enough episodes to make the whole venture as profitable as they would like. Remember, remaking FF7 is the final ace in the hole, they have 1 shot at this and they need to make as much cash from it as possible. No other entry in the series is anywhere near as popular world wide nor has any single entry been more demanded for a next gen makeover than FF7.
Here is a quick recap of the events in ff7 , well the number of boss battles which is a good gauge of content in various sections of the game -
Midgaar - 9 boss fights before you leave
From there all the way to clearing the temple of the ancients - 9 boss fights
From there until Diamond Weapon (the last boss before Return to midgaar) - 8 boss fights
Remainder of the game - 8 more bosses
Optional bosses (pretty much just Wutai) - 5 bosses in wutai plus 3 WEAPON bosses
Now If I were to split the game up , I think you could pull off 4 main parts , include the first half of wutai in the second part and everything else in the optional section would simply be included in the last part.
Alternatively if they really wanted to milk us for all we're worth ? They could split Midgaar into 2 sections - everything up until sector 7 is dropped and everything until you escape from the city. Charge 14.99 for each piece. Then, once you get out of midgaar , the next portion of the game is expanded upon , perhaps with new bosses or a more elaborate flashback to nibelhiem. Something big anyway, this could go until you arrive at Junon , maybe even have the end point be when you sneak aboard the ship going to costa del sol. Part 4 would then go all the way up to Nibelheim , ending after the materia keeper boss fight. Part 5 Would let you play through until Aeris dies. Part 6 would then continue until you battle Ultima weapon and wake cloud up from his coma. Part 7 Would entail everything up until the return to midgaar. Part 8 would then allow the player to do all of the return to midgaar stuff followed by a good chunk of the original games extra content. Part 9 would have north cave in it's entirety as well as the rest of the bonus content. Golden saucer , chocobo breeding and perhaps some bonus dungeons , boss fights could be offered as optional DLC once all 9 parts are out.
They could also then split these parts into seasons - perhaps 3 of them ? Let everyone download a demo that has only the original bit with the scorpion tank boss for free and buying the rest of Episode 1 would cost 14.99. ala carte at 14.99 a pop after that OR buy a season pass for 29.99. A new episode could drop roughly every 4 months. The aforementioned DLC could be 4.99 a pop and maybe they sell about 4 of them, buy all of them for 14.99. Then, 1 year after everythings out , bring out the entire package tightened up into a single product for a normal price but maybe on PS5 ?
This means that , if they did split it up that much - you'd have a new portion to play 3 times a year but it would cost 105$ when it's all said and done.
If they (hopefully) split it into only 3 or 4 portions they could probably sell then for 24.99 a pop but you might be waiting almost a year between releases.
Certainly it would be great to have just 1 game instead of many but I think that would vastly narrow the scope down to FFXIII level dungeon and world design - no one wants that right ? This way they can maximize the visual potential.