Manage your expectations: the OoT remake will probably be like Link's Awakening or Star Fox

In other words, it's going to be 98% the same game with fancy new graphics.

I've seen some wild speculation in these here parts that it's going to feature a bunch of new content, or that the still-ongoing Final Fantasy 7 remake saga would somehow be a model for what Nintendo wants to do with this game.

Not bloody likely.

The Link's Awakening remake was basically the same game as the original Game Boy game with a few quality of life improvements. It sold over 6 million copies. Nintendo outsourced its development to Grezzo, and helped them come up with a new art style. Grezzo went on to use this art style—and presumably the experience they gained from making this game—to create a new 2D game, Echoes of Wisdom. This game sold over 4 million copies.

The new Star Fox game follows a similar pattern. It is being developed by Valen studios. It appears to be the exact same N64 game with a few minor modifications. It will probably sell millions of copies.

I think this is very clearly the model here. Nintendo is likely outsourcing OoT's development to another company. They're probably heavily involved, looking over shoulders like they did with Grezzo, with an eye to train this company to make future Zelda IP. Perhaps this company will one day make a new "classic" 3D Zelda along the lines of the N64 and GC games.

But I seriously doubt Nintendo has their A team working on this game. That team is probably working on the next open world game.

(Edit: I don't mean to downplay the fancy graphics; finding a suitable high-definition art style to "translate" these old 3D games into is no small feat.)