Wouldn't surprise me, I don't think Nintendo wants to spend a ton of money on the next Zelda because the userbase for the console simply isn't shaping up to be too hot and Nintendo's not making money as is. Right now a monster budget Zelda game is probably the last thing that want to finance.
A top down Zelda would be far cheaper to produce.
They probably can port it to the next-gen Nintendo portable too more easily which will probably be out around fall 2015 I think.