Last year, Shigeru Miyamoto talked about Link to the Past on 3DS, and he's been at it again on a recent press trip to Paris.
Speaking to Edge, Miyamoto said he's still interested in bringing Link's 16-bit adventure to the 3D Classics range, but he has something else in mind:
I think the answer would be the same if we're talking about just porting, but I think I'd be even more interested in creating something new maybe based on, or starting from, A Link To The Past. I think it's important to bring some really new software.
A revamped revisit of The Legend of Zelda: A Link to the Past would be a dream come true for many gamers, but Miyamoto's not sure the timing is right, as many of his most trusted game directors are busy with other projects. It's OK; over 20 years after Link to the Past, there's no rush for a direct sequel.