It has been announced that there will be Link character skins and items in Monster Hunter 4. I'm not a particular fan of Monster Hunter, and it's not perfect, but watching the video, it strikes me as more of a needed Zelda revolution than what we've seen in Zelda lately. It would add in manual jumping and all sorts of terrain abilities that Zelda refuses to do for the sake of tradition. But really, this is pretty close to what Zelda II in 3D would be like.
[Nintendo Direct] Monster Hunter 4 Direct - Legend of Zelda CollabAlso, Mario and Luigi skins will be available in MH4.