The 4-S replacement for a 2-S 125cc engine--maintaining the same power output, and the possibility to fit it in existing 125cc frames--would be a 200cc single.
Prototype, of course... Not derived from stock.
Not so difficult, just rip off one cylinder-head unit from any MotoGP engine design, re-cast and re-tune it, mount it on a custom cranckcase and gearbox and there you are. No need to design or test any key component from scratch.
Same way, it would have been possible to create 400cc 4-S twins to replace the 250. Keeping the same frames...
But, we know what they're doing to 250's so there are practically no hopes they will behave reasonably for 125's replacement.
They could even leave the 125 class as it is, and let it evolve--let's hope. It could remain as the seed for the return of the new generation of 2-Strokers in the future...