RiotMontag, a Player Experience Assistant at Riot, confirmed that Riot is currently working on a MUCH NEEDED visual upgrade for Twisted Fate's model and his roster of skins. He said:
"We're working on a visual upgrade for TF's model and revamping his current skins to work with the new model similar to Ashe's model rework, but we're not reconceptualizing any of them, including MTF.The second part of that post is referencing Magnificent Twisted Fate and players requesting he be worked into something suitable for a legendary skin. Oh well, can't win 'em all!
That's where we stand. We know it's not a popular call, and the skins team didn't make it lightly, especially considering the thought you guys put into this thread. You guys will see a new model for TF with some better textures for all his skins in the coming months, but MTF will remain pretty much as is."
P.S: Just for clarity's sake, this is a VISUAL rework/upgrade/whatever you want to call it. There has been no mention of changing his mechanics or abilities.