Retro Studios have made quite a reputation for themselves. They recently worked on Donkey Kong Country Returns and Mario Kart 7, two of Nintendo's most prized franchises. The creators of those franchises, Shigeru Miyamoto, says that it isn't out of the question for Retro to work on a Zelda game in the future.
In terms of them working on a Zelda, it's not out of the question, certainly, for them to work on an entire Zelda game amongst themselves.
Traditionally I think that the Zelda team has always had a close contact with anyone who's working on a Zelda game. If you were going to have that happen in the US at Retro, that would be kind of difficult for them to be able to coordinate." - Shigeru Miyamoto, Nintendo
He then went on to say that "Retro is very busy right now, but I'm afraid I can't say exactly what it is," which has us hoping for a hardcore Metroid announcement in the near future.
By Stephen Heller - Bio