Miyamoto said he'd be "interested in creating something new maybe based on, or starting from, A Link To The Past" in an interview with Edge. "I think it's important to bring some really new software." It shouldn't come as a surprise, since he's already said he wants to see a remake on 3DS, but there's a big hurdle in his way. With his work on an original game ongoing the impending Wii U launch, time must be a very precious commodity at Nintendo nowadays.
"To be very honest and open, it really depends on the directors that have time at the moment as well," he said. "Some directors, I can give them the title and I know they will do something great with it. Other directors I'm not so 100 percent confident [in], so they're the ones I'd rather take a more remake approach to the title. It really depends on that as well."
It seems if Miyamoto is confident in a director, he'll give them free reign to produce whatever their vision is. A remake, on the other hand, is considered more appropriate for less experienced directors – no offense to Grezzo, who did most of the work on The Legend of Zelda: Ocarina of Time 3D.