A search through the United States’ Trademark Electronic Search System (TESS) and the EU’s Office for Harmonization in the Internal Market (OHIM) reveals that Square Enix have trademarked “Holey Heroes” in both the USA and Europe. You can see screen captures of the trademarks’ information below.

There’s no news of what the “Holey Heroes” game is.

However, last year, Square Enix said they were reconsidering their decision not to localize Dragon Quest VII. Executive producer Yuu Miyake had said: “We hear the fans, and we’re paying attention. We had actually given up on the idea of localization altogether, but because there’s such a great response we’re trying to rethink this, to see if there’s any way to make this more feasible. We’re recalculating, and figuring out the costs necessary. Trying to work out the details.”

People have speculated that this would be an appropriate subtitle for a Dragon Quest game because other installments in the series have also had alliterative subtitles. (“Holey” is a homophone for “holy”, and “Holy Heroes” would certainly be more appropriate for the Dragon Quest title in question, but “Holy Heroes” already belongs to a Catholic e-store.)

All of that is to say, the best guess thus far as to the game behind the trademark is Dragon Quest VII.

We’ll keep you updated.

The above image is from Soul Eater, a manga and anime series published by Square Enix.

Thanks to Square Portal, GameFAQs, US Gamer, and NeoGAF.