At the moment no, but a recent interview With Shigeru Miyamto suggests that this is possible in the future. Retro Studios, the development company behind the Metroid Prime and Donkey Kong Country Returns titles may someday get a chance to work on our beloved Legend of Zelda franchise.
Retro Studios has been working on several iconic Nintendo series as of late and it only makes sense for Zelda to be touched upon at some point. Nintendo has already shown that they are willing to let third party companies work on the series. If you do not recall, the Oracle games and The Minish Cap were created by Capcom so the idea is not that absurd.
The exact quote from Miyamoto in regards to such a project is, “As you know, we have already collaborated with Retro for the Metroid Prime series in the past. And I think when we talk about any other franchise, Zelda might be a possible franchise for that collaboration.”
So what do you think? Would you like to see Retro Studios working on a Zelda title?