In an interview with Kingdom of Tales, Tales producer Makoto Yoshizumi commented on the possibility of Tales characters making cameos in the next Super Smash Bros.
It is a difficult question, maybe if we pray hard to put a character in Tales of Smash Bros., then it will happen! Anyway Higuchi-san really wants, but that will depend Sakurai-san. But for now, it is too early to tell. It’s true.
But we must also keep in mind that for a character to appear in Smash Bros. game, this character must come from a game released on a Nintendo [console]. This is a prerequisite which all characters in the series do not meet. We could of course consider the characters in Tales of Symphonia and Tales of the Abyss. Lloyd, for example.
A couple of issues with copyrights, but one wouldn’t put it past Namco-Bandai to include a few special “Tales of” characters. No news on when the new Super Smash Bros. releases however.