A screenshot from Super Mario 64.

It is frequently rumored that Super Mario 64 was born out of a cancelled SNES project titled Super Mario FX, which would have been a 3D platformer using the Super FX chip. However, reports of Super Mario FX’s existence seems to have been born out of a misinterpretation of a statement Shigeru Miyamoto made in an interview with Nintendo Power, in which he stated that he had the idea of making a 3D Mario game during Star Fox's development.

There is no actual proof that a Super FX-utilising Mario platformer was in development in any point and furthermore, Dylan Cuthbert, who contributed to the development of the Super FX and worked with Miyamoto on Star Fox, claims that Super Mario FX was actually a codename for the Super FX chip itself.

Miyamoto interview

Miyamoto's interview in question.

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