According to 2 french sources, it is.
err libelulle translate plx

http://www.jeuxactu.com/article-26059-okami-confirme-sur-wii.html

http://www.wiiz.fr/article.php?a=14500

Would be awesome if it turns out to be true, i was always interested in this zelda TAKE-off (better now? zzz) but i ofcourse never bothered to buy a ps2 just for that.

Montanahatchet goes nuts?

I heard like 2 months ago they were planning this.

Zelda spinoff.. dear god hang yourself please.

what? it's not like any zeldaish game can ever get to the quality of a true zelda game, thus, a spin-off. Still reasonable i think. the developer himself said he had his inspiration from the TP, so..

Translate any1.

IMO this game was better than Twilight Princess, so I hope it is true.

Yeah, really. This game has as much in common with Zelda as it does with Mario 64 or Jak and Daxter.

Is beyond Good and Evil a Zelda spinoff?

Can I hang myself too?

 wtf do you think qualifies as a Zelda like game? Does Folklore? Baldestorm? Dynasty Warriors? Final Fantasy? Okami isnt anything like Zelda. If anything else Zelda: TP stole the idea of a wolf from Okami. 

 no thats nothing like a zelda game.