Board Thread:Lore Discussion/@comment-7629073-20130402085627/@comment-25047024-20140202115538

I see what you mean, but It's still not possible.

The Nerevarine is Nerevar incarnated, which means that the Nerevarine (probably) has Nerevars soul or mantled him.

The Last Dragonborn has a Dragonsoul and a Dragonsoul is totally different from a normal soul.

The Hero of Kvatch mantled Sheogorath which caused his soul to be consumed by Sheogorath. He's now part of Sheogorath.

It's impossible that they are reincarnations of the previous hero. Not to mention that their age would be kinda messed up if that would be true.