The folks over at GlitterBerri sure are busy translating their copy of the Hyrule Historia, the Legend of Zelda artbook-bible. They've translated a statement in the book by Eiji Aonuma himself, explaining the methodology behind creating the Zelda games and confirming that, yes, there is another title in the works:

Now, allow me to include some tall talk here: I feel that developing such large scale games as those from The Legend of Zelda is very similar to what it was like to venture into the mighty ocean in ancient times. Each game of the franchise has its own theme, as I mentioned above. I think that's a system that no one has challenged so far and at the same time it's like looking for a "continent" no one has ever visited. When leaving the port, you don't have a single nautical chart. You only have with you very few crew members, and all the guidance is based on which direction looks good, so at first it's like boarding and sailing a ship with an aim you don't even know yet. Sometimes you just drift about, or you may suffer a shipwreck because of a storm. Or you may see what you think is a new continent, but when you rush towards it, you find out it actually is a tiny desolate island. And it's then that you get lost.

However, as long as you don't stand still in the same spot, you can continue to advance little by little, and that continent you aimed at will get barely within sight on the far away horizon. At that point you can add more people to your crew, and get all together to push forward ahead towards the continent. That's a very fun process, so fun you even forget the times when you encountered a storm and you were hoping to get away from it. And if you manage to get safely to that "continent," people around the world will surely get happy... That's the biggest pleasure of creating Zelda games.

The long sailing time of creating Skyward Sword, a game to celebrate the 25th anniversary of the Zelda series, has just come to an end. The voices of those who've played it from around the world reach us. We hear their admiration comments, and their criticism too. All those voices become energy for the next voyage. Well, to tell the truth, we've already set sail in a new voyage."

Speculation currently falls in favor of a 3DS or Wii U title, and with Nintendo firm in their stance that motion controls are here to stay it would be interesting to see how this would translate onto their handheld. Perhaps the game would make emphatic use of the augmented reality features?

Thanks for this one, GlitterBerri, and keep up the good work!