Nintendo Signage
Nintendo signage is displayed at the company's booth at the 2014 Electronic Entertainment Expo, known as E3, in Los Angeles, California June 11, 2014. Reuters/Kevork Djansezian

Barring any delays, the next title in "The Legend of Zelda" series is slated for release sometime in late 2015. If Netflix and Nintendo have their way, "Zelda" fans will have a lot more Hyrule to look forward to. A new report states that the same companies that brought you Mario and Frank Underwood are working together on a "Legend of Zelda" live action series.

The report, which comes via the Wall Street Journal, states that production on the proposed series is still in its very early stages. Netflix are eyeing a treatment on the scale of genre classics like "Lord of the Rings" or "Game of Thrones," but with a more light-hearted, kid-friendly tone.

It's worth noting that the existence of a TV production deal doesn't necessarily mean the project will see the light of day. In its coverage of the story, gaming website Giant Bomb notes that the project is still at an early stage that no writers have been assigned yet. It also states that should the project go ahead, the show would be the first officially sanctioned "Legend of Zelda" series to air since the short-lived animated show in 1989.

Typically, a project is optioned for a period of time while a studio explores avenues for development. If a project is greenlit, it goes ahead into full production, or at the very least into production of a pilot episode. Nintendo's last major dalliance with Hollywood ended poorly, with the creation of the ill-received "Super Mario Bros." live action film, released in 1993. The film was critically panned and bombed spectacularly at the box office, bringing in US $20 million against a US $48 million budget, according to Box Office Mojo.

This latest news indicates Nintendo is seemingly ready to dip its toes into the waters of live action adaptation again. The company has recently shown a newfound willingness to let other creatives handle its most prized properties. Last year, Nintendo worked closely with Keoi Tecmo on the production of "Hyrule Warriors" for the Wii U, a hack-n-slash action game similar to Koei Tecmo's "Dynasty Warriors" series.

Nintendo is currently working on a new iteration of "The Legend of Zelda" for its Wii U console. It will be the first entry in the franchise to feature a fully open world, allowing players to approach areas in different ways. The new title is scheduled for release sometime in the latter half of 2015.

Over the past three years, Netflix has begin focusing heavily on ramping up production of its original content. Time reports the streaming company plans to debut a new original show or season every 21 days. This would mean a total of 20 new shows or seasons every year. Recent hits like "House of Cards" and "Orange is the New Black" are bolstered by newcomers like "Marco Polo" and "Bojack Horseman." The company has also been working closely with Disney to create a series based on Marvel's line of superhero characters, and has shows like "Daredevil" and "A.K.A. Jessica Jones" due this year.

Wii U - The Legend of Zelda - Gameplay First Look from The Game Awards (Credit: YouTube/Nintendo)