[THEORY] Zelda U will take place sometime after Zelda II

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Now, that's interesting. I actually hope so, because as you mentioned it will give Aonuma the freedom to do whatever he wants.

But also, part of the world actually fits with Ocarina of time worldmap:

Hyrule Castle/Town at the north
Death Mountain at the northeast
Forest at the east
Lake at the south (believing the mist is coming from a waterfall/lake)
At west there's a canyon like entrance, just like Gerudo Valley in Ocarina.