Speculating on the Legend of Zelda time-line is a hobby of many fans to the series. Many believe Ocarina of Time to be the first in the series, but with Zelda Skyward Sword coming out, there will be no question to where its placement in the time-line goes. In a recent interview Aonuma confirmed what many of us were thinking. Skyward Sword will be taking place before Ocarina of Time. After all, Zelda Skyward Sword will be dealing with the creation of the Master Sword.
In similar news, Aonuma also confirmed the existence of an official Legend of Zelda time-line document, but do not get your hopes up, there are no plans for its release anytime soon.