The Wall Street Journal website) the series will be a "Game of Thrones for a family audience".
Now, I love the LOZ series but I really cannot see this working as a TV series as I just cannot see how they would/could flesh out the characters and story to be able to sustain an, I presume, ten to thirteen episode season. I cannot see how they could adapt any of the storylines from the games (except maybe Ocarina of Time) so I presume that it would be a new story which would be one good thing as it would offer something new.
Character wise I cannot see what angle they would go for, especially with Link who has never spoken a word in the series. I would imagine that Ganon would be in there in his human form but for the likes of the Gorons and Zoras would they keep them as they are.
At the moment it's all just speculation and I would hope to be proven wrong but I just don't think that it can be pulled off, but at least it would be worth it to see a live action Tingle...
Both Netflix and Nintendo declined to comment regarding the rumours.