Nintendo of Europe broke this news on its Twitter account, though it failed to mention any details beyond the confirmation. Toon Link will most likely play similarly to his more "adult" incarnation, though given this version's history with the Smash Bros. franchise, it's seems safe to assume that he will remain a lighter, more agile version of Link.
Super Smash Bros. is currently slated for release on the Wii U and Nintendo 3DS handheld at some point during 2014.
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Super Smash Bros (Toon Link)