I dunno.
Seeing a new actual Shining Force game is more unlikely as time goes by. If we go by console eras, the only holdover from the Genesis is Sonic and that's about it. Altered Beast, Shinobi and a couple of other Genesis franchises did not translate well into the current generation.
I think the Shining Force series as whole died with the Sega Saturn. Maybe an HD port for Shining Force III would be the way to go, but that seems very unlikely.
Which is a shame, because SF-like games (Strategy-based JRPG) are very common place on handheld consoles and android phones. If Shining Force were to continue as a series, I would picture it as an Android / iOS title. Maybe have a dev like Kemco that churns JRPGs every month like a godamn sweatshop, do a lotta of these games.
But I think won't do it, partially because whoever is running things now probably isn't aware / doesn't know the IP and I think it's been established that Valkyria Chronicles is the SEGA's go-to Strategy RPG.