But it won't though, simply because Magoun Square already exists. The idea of where "the square" is won't move to be centered around the station. It will be where its always been and the station will be on the periphery. The area around the station is just housing. Lowell Street between Highland and Medford St is a currently a drag strip, though it will likely be traffic calmed by the city when the station opens. The station will much more be for residents going elsewhere and coming home than serving the square itself. The square itself sits between the Lowell Street station and the Ball Square station (which is actually adjacent to the square it's named for).
IMO a station shouldn't be named after a square unless it a) opens up into the commercial square itself, or b) has redevelopment opportunities to connect it to the existing square.
George -- Basically the name of a station is just a convenience so that someone coming or going can use a map, ap or the T's website tool to route themselves to / from -- it need connote no specific historic reference -- as many things change over varying timescales.
I don't buy for more than a second the idea that the T Station imparts to some geographic name some cache which leads to successful or not development.
Certainly in today's world of GPS and geographic phone aps -- geographic coordinates for the Station would work, as would simple alphanumeric codes -- just as long as the identifier was unique. The descriptor / ID needn't even be in any simple way connected to anything other than the T Station map.
In a battlefield setting -- maps are often issued with scrambled coordinates to fool the enemy -- yet they can work well -- just as long as everyone is using the Thursday June 8 1944 Map for Normandy, or the Star Date 288879 Map for the Large Magellanic Cloud.
Note that the above needs to be qualified by the observation that there are names which are so "Massive" and Persistent that the nearby station has to be given a name consistent with the Local Landmark. For example Harvard, MIT, BU, Northeastern, MFA, Museum of Science, Airport, North, South, Backbay Stations, JFK/UMass Boston, Courthouse, Mass General, Tufts -- but there aren't too many more