Will there be a new Legends of Zelda game?

Definitely. Zelda is still popular enough for another game. You may just have to wait for a long time. New Zelda games take months or even years to create (Remember Ocarina of Time and its gigantic delays?). You may have to satisfy yourself with Phantom Hourglass or any other Portable Zelda game, as they are the fastest ones in creation compared to the real Legends.