Nintendo is currently working on an original Legend of Zelda game for the 3DS. The new Zelda will not be a sequel or remake. This information comes out of an interview in which Zelda director and producer Eiji Aonuma discussed the possibility of remaking Majoraís Mask on the 3DS. Aonuma said that while they are considering remaking Majora's Mask on the 3DS, they donít want to release another remake so soon after Ocarina of Time, so the next Zelda game for the 3DS will be an original.
Since the new Zelda game will not be a sequel, this most likely means there will be a new timeline.
Hereís what Aonuma had to say in a recent interview:
"It's something I'm asked about often and I assure you that it is something I've spoken to Miyamoto about. But recently we released The Legend of Zelda: Ocarina of Time 3D as a remake. We are considering the idea, but it didn't seem right to launch a remake one after another, so the next Zelda game on 3DS will be original."
Hopefully Nintendo has something good for the 3DS's future with this, besides just Nintendo64 remakes.