Two ways for compatiblity:
Hardware: Have Wii 3 an actual SoC with Wii U CPU and GPU.
Software: Emulate PPC and GPU. If the triple core PPC in the Wii U is as standard as most think it actually isn't that difficult to emulate. It might need much CPU-power to emulate it with enough speed though.
The really challenging part would be the GPU. WiiU has likely a design based on Redwood or even RV730. AMD has already made a completely new GPU design since then and that basically means there might already be compatiblity issues.
As for a Wii U on a chip, it would cost money but could possibly be done pretty cheap with a future manufacturing process like 14nm.
Softwareemulation would cost some money as well in development. And need fast enough hardware.







