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Originally Posted by lord-of-shadow
There is always at least one new Zelda game under development. As long as Zelda remains as profitable as it is, this will remain true.
So yes. It is always safe to assume, at any point or time, that there is work commencing on some Zelda game or another. The only question is what stage of development it's at.
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The Zelda team is forming again to work on new games!
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^^To me, this statement shows they're not very far at all but in the very start of the process. Of course, the translation could be off or Miyamota could be toying with us.