I don't think so. Seems like such a movie would just be too awkward to make and cost far too much. I mean, look at say, Lord of the Rings. That cost a fortune, and that's got the benefit of a more realistic world and mostly humanoid characters. A Zelda's movie's effects budget (especially if has the amount of cool stuff as the Majora's Mask trailer below) would be astronomical:
In addition to that, there are some other issues:
Link journeys alone, and mostly doesn't speak to people at all. So a movie would need to find any reason at all to include other characters, dialogue, etc. Otherwise you'd have hours of Link basically running around dungeons and killing things, which doesn't make a great movie.
The story's are rather thin on a per game level, but confusing as heck on a series level. You'd have to either come up with a new alternate canon or try and find a Zelda game whose plot can be explained in a way that doesn't confuse the hell out of the audience.
So it's unlikely. It'd be cool, but it just seems too expensive and all that stuff.