Rumors have circulated that the publisher is planning remakes of various Zelda games at different times, but in a recent interview Shigeru Miyamoto confirmed that the studio is debating internally between a remake of Majora's Mask or A Link to the Past.
"We haven't quite decided yet, whether we're going to do A Link to the Past, because there's also the possibility of doing a remake of Majora's Mask," Miyamoto told IGN.
"This is something we've certainly been talking about and doing a little bit of experimenting with, to figure out which way we're going to go."
Rumors of a 3DS remake for A Link to the Past date back to comments Miyamoto made in April 2011, in which he said that he would like to see 3D effects used to simulate layers such as treetops and clouds. The game was originally rendered in 2D.
Rumors of a planned Majora's Mask remake first surfaced in July 2011 when series producer Eiji Aonuma said it could happen if fans were clamoring for it.
It turns out that both rumors were true, and Nintendo still hasn't decided which remake to greenlight.
Miyamoto ended the interview offering a final tease that one game may appear on 3DS while the other is converted for the Wii U.
"We have so many goals right now. We're always looking at expanding our audience and giving people the opportunity to get their hands on 3DS and see what kind of fun gaming experiences they can have," he said.
"And now, we're also tasked with pushing the Wii U. So we have lots of good opportunities in terms of thinking about which Zelda game is going to be best for which purpose."
Nintendo had previously confirmed last year that a brand new Zelda game was already in development for 3DS.
Legend of Zelda: A Link to the Past first released on the Super Nintendo in 1991, featuring a 2D overhead perspective and a large world map that players could explore in both the light and dark world.
Legend of Zelda: Majora's Mask was released in 2000 as the follow-up to Ocarina of Time, and featured a resetting three-day cycle for quests and exploring the game world.
> Retro Corner: Legend of Zelda: Majora's Mask
Watch a video for Legend of Zelda: Majora's Mask below: