Question, how big a sensor can they fit in the EOS mount and get coverage from at least 5 lenses? Canon has been releasing quite a few new lenses and i'm guessing they are for a HR camera... but are they also for a bigger sensor say 40x30mm? certainly the shift/tilts will.... what about the 24 and 28 just released...? That would justify a 'medium format' type quality and price.... and name change... or it could just be a new mount... and new lenses... not 35mm at all? Pentax does... Leica admitted it can't get MF quality from 35mm sensors....
You have a 43mm hole. You need a sensor that is visible through that hole. If the corners of the sensor are outside that 43mm circle they are not illuminated and therefore not much good....
a 36x24 rectangle just barely fits in that circle. To go for a square sensor, it would not be 36x36 as some people seem to think, it would be a 30x30 square. A 36x24 sensor is 864 square millimeters, a 30x30 sensor is 900 square millimeters, not a whole lot of improvement in area but at the cost of abandoning conventional aspect ratios. Besides, is there really a use for square images? Monitors, magazines, billboards, printers, etc all seem to using rectangular images most of the time.... going square will probably result is LESS usefull pixels.
In short... it is really really really really doubtful that you will see a square sensor... even if they were to create a new mount and new lenses for that mount, the above logic holds.