What we do know for certain to be truth:

• The game will diverge from the established dungeon-field-dungeon gameplay style.
• This Link will be older than any of the previous Links.

Rumors have recently been circulating around the internet about some new leaked information about the upcoming title. These rumors apparently originated from 2chan.net, a popular Japanese site much like 4chan. The site has been known for leaking real information about popular games in the past. Right now, this information has yet to be verified as truth.

Concept Art Released By Nintendo in 2009

Take a look and decide for yourself.

• The girl on the Zelda Wii picture is not the Master Sword, and as of now there are no plans for Link to get the Master Sword in the game. Her name is Aderu, and she’s not your typical companion like Navi or Midna, in that she’s rarely there with you.
• Your sword will come with different unlockable abilities.
• Aderu uses to communicate with you through your sword.
• You can select whether you’re right or left-handed, and Link will be the same.
• The basic mechanics and gameplay elements are finished, and they’re currently building the story, dungeons and developing characters. Among them are an innkeeper in the town where Link lives and her son, who idolizes Link.
• Horseback combat is back, with a more intelligent Epona that is better at avoiding obstacles.
• The character models for Link, Epona, and the Gorons have all been modified and touched up, but they’re the only ones.
• The game will not only take place in Hyrule (maybe not even Hyrule at all).
• This Link is the same Link from Ocarina of Time and Majora’s Mask.
• The game involves time travel.

As much as I’d love it to be true, I think this is fake.  I just have a hard time believing that this game will feature The Hero of Time. So please, take this information with a grain of salt until Nintendo verifies it to be the truth.