We are all still very excited about the Link to the Past Sequel for the 3DS. Although it has not been officially confirmed as a “part 2”, the Japanese title does have a “2” in it, so I think it is fairly safe to assume. According to Eiji Aonuma, the game is still in development, but moving along smoothly:
The world of Hyrule has been reborn in a highly realistic stereoscopic vision, which will feature a new story and new puzzles to be solved. The development for the successor of The Legend of Zelda: A Link to the Past is going smoothly, so, please look forward to it!
Apparently, the game has been in various stages of development since around 2011 when Miyamoto stated that he would like to see A Link to the Past receive a 3D overhaul. While we wait for the release, Eiji urges us to join the Zelda community on the Miiverse:
The day we’ll be seeing the successor is still further ahead, but for those of you who wish to contribute or show your support, please comment on the Wii U The Legend of Zelda series community [on Miiverse].
What do you want to see in the new Zelda game?