Besides that the fuselage of the 757 is still based on the one of the 727, only modified with newer materials during development in the end of the '70s. This will make the 757 MAX a poor competitor for the A321neo.
It will be new fuselage from scratch, whether 797 going to be 787 baby brother or 757 derivatives. I call it 757 max as 737 max also only derive from 737 original design but already different airliners altogether.
Boeing like other manufacturer will use aspects from their experiences to be new design. They will just review whether the market want is either smaller dreamliner or 757 derivatives
757 replacement would be great but That segment is at the moment sadly Airbus’s. They have the A321XLR rolling out and the majority of the market for it is either going to buy those or try and keep its 757s flying.
Seems that's what this NMA need to answer. 200-250 capacity medium to long range able to handle city to city thiner direct routes. Hub and spoke business model now have to compete with thiner point to point model. Yes, that's what A321 LR/XLR give, and I believe that's where this NMA should answer. Either that, or Boeing just give up on that market segment.
There are talks to give HGW version for 737 Max 10 to give it more range. Still even with 737-10ER, it won't be enough to face A321XLR. It is their own calculation that has to determine whether want to challenge Airbus on that market portion.