Yes, Another Zelda Movie Is In Development.
This should alleviate some fears from yesterday.
A few months ago I and some other sources had reported an animated Zelda movie being in development at Illumination, and that report is once again accurate. I had it confirmed to me once again yesterday that this is separate from the live action film.
Though keep in mind that this one is very, very early. Even earlier than the live action project.
Miyamoto is producing the live action project, while this animated film will be produced by Zelda head Eiji Aonuma and illumination founder Chris Meledandri. There is a director Nintendo and Universal have in mind, but they haven't hired one just yet.
If you're hoping for a Ghibli inspired Zelda movie, keep dreaming. This will be full 3D animation, much like the Mario movie.
Most of the creative team has already been assembled. Additionally, some of the people enlisted are hardcore Zelda fans, and there's even some artists and animators from Illumination's sister company, DreamWorks, that will be working on the movie. Some of which worked on the critically acclaimed How To Train Your Dragon trilogy. That's exciting.
Don't expect to hear about this one for quite awhile. A sequel to the Super Mario Bros. movie as well as two spin-offs will release before this does.
I'll be doing an info roundup on Nintendo's extensive movie plans very soon. Stay tuned.