Will Zelda U be a Majora's Mask Sequel?

I'm surprised that I haven't seen anything like this around the net yet. Ever since OoT3D fans assumed they were getting a MM remake on 3DS. This would be a good idea because MM is a fan favorite and it would seem natural since OoT is it's predecessor. But why should Nintendo/Aonuma do what they fans want? We would get exactly what we'd expect from MM3D. It would be the same game plus Hero Mode and maybe a Master Quest. With a new game you get to 1. Push the Wii U's limits 2. Try some new things such as mechanics and game controls 3. Sell some Wii Us. When I say a sequel to MM I actually mean is the return of Majora or his mask. Zelda is known for it's recurring characters but out of all the main antagonists in the series the only ones to return are Ganondorf/Ganon and Vaati. Which I find odd because Majora has a much larger following that Vaati and Vaati is in some of the least celebrated Zelda games. One final thing I want to mention is Majora's Masks appearances in 2013 most notably in LoZ:ALBW The mask is hanging on the wall in your room. Skull Kid is an assist trophy in Smash Bros. Wii U/3DS and 90% of Brawl's assist trophies and all newcomers (except for ROB) had a new game released that they are closely related to. I've seen this one argued to be a hint at a MM remake but I don't think it is. Majora's Mask is an item in Animal Crossing: New Leaf. I don't think this is significant because it is a returning item and was included since the DS installment.

I'm not sure if they'll ever use characters from Majora's Mask again, because it's an Alice in Wonderland analogue. It'd be weird of characters climbed out of the Rabbit's Hole.
There's also a pretty good fan theory that Majora's Mask is a metaphor for Link's death, and the whole game is basically purgatory for him. If that's true then characters won't show up again.

They can explain it somehow... or just have Majora come out of nowhere and crush fan theories.

That still wouldn't stop it from being an Alice in Wonderland analogue.

Just because it's similar doesn't mean it has to be a dream. I mean he could have just rolled after that fall right?

I can't see how they'd incorporate Majora's Mask for a "direct" sequel in a way that could ever surpass the depth of the original game. If you want to get technical, we already have a Majora's Mask sequel in Twilight Princess (a love letter to N64 era Zelda).

I do agree with you that a Majora's Mask remake, while easy to make, would be a waste of resources. Remakes should be made due to some combination of these reasons: 1) Bring a game to a region it has never been released in before (See Fire Emblem Shadow Dragon), 2) Improve upon features in the original game that would allow the game to be further enjoyed (See Wind Waker HD and Ocarina of Time 3D), or 3) be at least ten years after the original debuted (Shadow Dragon and WWHD).

While you could argue that Majora's Mask would be justified by points 2 and 3, I would argue that Majora's Mask already has elements put into it (song of double time, song of soaring, etc) that mimic the shortcuts added to WWHD and that the game was ported to the Wii Virtual Console in 2009 (thus leaving only a 4 year gap since its last release on a currently available console). Editing the time system in Majora's Mask (one of the major complaints I hear regarding the game) would be pointless and take away much of the reason the people who are demanding it enjoyed it back in 2000. As a result, I can't justify a Majora's Mask remake as easily as the WWHD one.

As for a game not connected to the original Majora's Mask, it could be possible. Ever since Spirit Tracks, Nintendo has been slowly but surely rewriting major elements of the entire Zelda lore. Majora could pop up somewhere in a wtf manner. Or Nintendo could write the lore for it to happen.

One last thing of note: there are some theories going around regarding Termina's connection to Lorule. Some of them draw on bullshit references (the mask is there as a reference for the player, not for world building), but a few touch upon some interesting parallels. There's some credence to the possibility of Lorule being Termina. Given the way Nintendo's been screwing with everyone's heads, I wouldn't put it past them.

Making a MM remake wouldn't be that hard. It's already written, an like they did with the N64, all the assets are there too. Just do the same thing, reusing code, art, ect. from OoT 3D, and voila! MM remake for the 3DS. Doing that for the WiiU would be an insult to current gen consoles, especially since nintendo wants the WiiU to compare graphically to it's competitors.