Possibly.It all depends on Nintendo.If this is in response to a trailer somewhere,it's probably IGN's famous April's Fools hoax.
I'd say maybe as well, but until that happens, the closest will be fan films. I'd highly recommend Legend of Zelda, The Sage of Darkness.
Here's the Trailer. http://m.youtube.com/watch?feature=plpp&v=BTwkJVUFIIo