In a recent interview with Zelda producer Eiji Aonuma, he reveals that the team are hoping for an "early 2011" release.
The latest game for Wii, Skyward Sword, boasts a unique painted art-style and fluid near 1:1 swordplay using MotionPlus. Since its debut at this year's E3 many had expected Nintendo to release the game around holiday 2010 at the earliest, perhaps slipping into the first half of next year.
By the looks of things we will be starting the new year with a new Link as Aonuma is aiming to wrap things up by early 2011, according to the latest edition of the Official Nintendo Magazine.