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A recent rumor claimed that Nintendo might collaborate once more with Illumination on an animated The Legend of Zelda movie. Recently, in an interview with TheWrap, Chris Meledandri, the founder and CEO of Illumination, weighed in:

"I don’t know where that came from. I mean I can understand how people would surmise all sorts of things because obviously, we’ve had a great experience working together. My relationship with Nintendo now includes being on their board of directors, so I understand how people can surmise these things. But in terms of the specifics, that was just something that I’ve been hearing lots of rumors. This is just about what’s next between Nintendo and Illumination."

Source

Personally, I hope Illumination never touches Zelda, given the studio's track record. Although I'm unsure any studio could do the franchise justice, if Nintendo applies to its film adaptation the same cautious, conservative, broad approach used for The Super Mario Bros. Movie.