No. They have Mario to leech different kind of games off of. Though rpg elements aren't far fetched for a game of Zelda's setting, I don't think even Nintendo will be as stupid to make it into an rpg.
I don't think I would enjoy that at all, haha. I like Zelda the way it is. I could deal with a few changes, because there always needs to be variation, but sometimes RPGs annoy me and I get bored with them.