During their Nintendo Direct event earlier today, Nintendo announced that Cloud, the protagonist of Final Fantasy VII, would join the ranks of Super Smash Bros. for Wii U and 3DS. This news was announced through an extended trailer which displayed Cloud fighting standard Super Smash Bros. characters on various stages, including a new Final Fantasy VII themed stage based on the city of Midgar. The trailer ended with the display of new Chocobo costumes for use in Mii Fighter.
Currently, no release date has been set for the new character or any additional Final Fantasy VII themed content for Super Smash Bros.
The Nintendo Direct event also concluded with a final screen announcing that a special Super Smash Bros. broadcast would be coming in December of 2015.
Source – Nintendo Direct