Fans of Brawl’s Toon Link will be glad to hear that this character has been confirmed to be in the next addition to the series. Nintendo released several screenshots showing Toon Link in action. Toon Link is shown using a wide-range of items, including the Master Sword, bombs, arrows, and the Wind Waker.
Toon Link is confirmed to be in both the Wii U and 3DS version of the game.
Source: Smash Bros Site