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The ideal scenario is Rare, under the direction of Gregg Mayles, develops and designs the game for Xbox One. Kirkhope could be brought on in a freelance capacity to do the music. 

Plan B, in the event that Rare is incapable of developing the game on its own, is Banjo-Threeie on 3DS, developed with assistance from Nintendo. 

Plan C is the game is handed off to a non-Nintendo studio more experienced with platformers, possibly Ubisoft Montpellier or Insomniac.