The odds of the Alvarez Empire arc being the final story arc are 50-50. That said, it made me wonder who the final villain is. I narrowed it down to five possible candidest.
- E.N.D.: Zeref is in possession of the Book of E.N.D. If Zeref frees his soul, then Fairy Tail (minus Natsu) would have to deal with the Flame Etherious.
- Zeref Dragneel: Depending on the outcome of the "final battle", Natsu would have to deal with the one still standing.
- Acnologia: Again, depending on the outcome.
- Rogue Cheney: Remember Future Rogue? If Gray does kill Frosch, Rogue could go the dark path his future counterpart went through. Maybe not the exact same since the Avatar arc might have negated it. But if Sabertooth shows up at the "final battle", we could see Sting and Rogue involved in the Natsu-Gray-E.N.D. conflict. Who knows? We could see a paradox.
- Ankhseram: The one who cursed Zeref and Mavis in the first place.