In a recent interview in the Official Nintendo UK Magazine, Aonuma hinted interest in a LttP remake with much improved graphics. While another Zelda project is well in the works, this could be a future possibility. Possibly even done in the same style as PH.
“I have to say though, the first Zelda game that I played and felt potential in was Link to the Past. I’m actually very interested in what it would be like if we remade that title as a 3D game,” he claimed.
When asked about the new Zelda Wii title, he told them that in accordance with the story and gameplay, Zelda Wii may have a completely new graphic style. While it seems too shortly after TP to completely swap to a new graphic style, Nintendo is putting their foot in the door and bringing the change that so many claimed they were incapable of.