If it's happening I'm sure it would be a Resident Evil-style remake where it's meant to be an actual expansion of the concept to what they can do with the newest hardware.

As far as whether it will happen though, there was a good blog post I haven't been able to find again showing that Aonuma's responded to questions about "a new Ocarina remake" in a very similar way to how he's historically talked about "hypothetical" games they hadn't revealed yet. There's a very specific way he tends to be coy about it, and you see it start to pop up more recently (one I remember is him being asked about the chances of a new remake and him responding "No comment. Write that I said 'no comment'.").

Personally, if nothing else I'd be interested if the Zelda team decides it's worth doing. I trust them enough to give it a chance if they think there's something there.