I know it sounds a bit early but Square Enix Music just confirmed the album is coming out under that name on their Twitter account:
http://twitter.com/sem_sep/status/25875324239
A remix of Final Fantasy VII from that album was featured on the latest SQEX Sampler. In another tweet they confirmed it would also feature SaGa Frontier 2 and Legend of Mana.
About the release date, it is only temporary but I guess the time frame is acceptable for a Christmas-related disc.