This could be Nintendo just giving fans something fun, otherwise called "it's nothing, move along" or it is a tease. A mean, horrible tease for all the Majora's Mask fans out there hoping for a remake.
Earlier this week, Nintendo produced a wallpaper for Club Nintendo members in Japan as part of celebrations in the country.
As you can see, the wallpaper shows Link wearing a traditional kimono while holding a fan emblazoned with the Hyrule Royal Crest. On his head, is Majora's Mask.
But there's also Gozan no Okuribi, also know as the Daimonji festival coming up in Japan, which is the culmination of the O-Bon festival which occurs on August 16. Large bonfires in the shape of are characters are lit on the mountain, and you can see the Triforce lit up in the wallpaper.
Finally, as a reddit user points out, the Tanabata festival is also going on in Japan right now, so the wallpaper has a little bit of something for everyone participating in one of the many summer festivals in the country. Many of these festivals feature mask wearing, so it is only logical Link would sport one - and Majora's mask is the most iconic one in the franchise.
So, while there is a logical explanation for all of this, there's also hope that Nintendo will finally relent, and give Majora's Mask a coat of new paint for either 3DS or Wii U.
The problem, is deciding which system the game should be released on, as both Wii U and 3DS camps want it.
Personally, I think the wallpaper is just something nice for fans, but I am 0 for 1,000 on gaming predictions.