If The Legend of Zelda franchise were to be handled by an external studio, then Retro Studios would make a qualified fit according to Shigeru Miyamoto.
Last week Miyamoto commented on the possibility after having received the Príncipe de Asturias award in Communication and Humanities, reports Official Nintendo Magazine (via NeoGAF). He explained that the franchise has grown so big that it might be necessary to get help for the future development of the franchise.
"The possibility of Retro Studios making a new Zelda with a good proposal isn't a farfetched idea at all and could be possible," he said.
He did add, however, that there are logistical problems involved since Retro Studios is based in Austin, Texas.
"Even if Retro Studios is qualified, Nintendo would have to be in very close contact with the company that were to create this Zelda and, being outside Japan, the distance and the timezone differences would make the communication more difficult."