@mikegamer heh.

While I won't be surprised to see another character, there's a lot to not be surprised if it's a dragon quest character as well.

A sort of example why would be the wiiu smash DLC. When Capcom decided to add a new character it wasn't a new Megaman character they added but instead they used the occasion to introduce a new IP altogether in the form of street fighter's ryu(which is amusingly the one they decided to flesh out with an echo fighter in the new game rather than flesh out the original megaman ip they first introduced).

In comparison unlike Konami and Capcom who now already both have two showcased IP from their portfolio(megaman and street fighter for Capcom, Metal Gear and Castlevania for Konami), SquareEnix is still only at a single IP being represented in the lone form of Cloud.

And Cloud already being perhaps the most iconic Final Fantasy character(especially of that 7+ "modern" era), it'd be hard to make a DLC that would be as compelling if it was "just another FF character".

Meanwhile, while the series is lesser known worldwide... Japan actually remain probably as huge a market for Smash than the rest of the world combined and Dragon Quest there may actually be an even more visible IP than final fantasy.

So by that choice Square would not only get two fighters representatives in the game, they would get two completely different IPs represented further advertising their nature not just as the developers of a single franchise but as the publishers of multiples ones instead.

Plus even nintendo would get a "visibility win" from a Dragon Quest rep because the nature of localization was such that many dragon quest games(especially remakes) were actually published and localized by nintendo in the west even though they were originally developed by Square(as opposed to final fantasy being near-exclusively published by Square even in some of the late localizations).

So a Dragon Quest representative would be a direct occasion for Nintendo to highlight their own personal history with the franchise(certainly more so than a lot of FF characters who were playstation exclusives).

And it could perhaps be an occasion to market/advertise the Switch ports of Dragon Quest XI or Dragon Quest Builders 2 that are both supposed to be due next year(2019) for the west.

Or even a surprise western localization and Switch port of the 3DS remake collection of the original trilogy which all got released on NES even in the west (unlike final fantasy 2-3 which took many years to get localized via remakes) which would make even more sense if the representative was Erdrick.

It's still a longshot but not necessarily one to be completely handwaved away.