I really doubt they would go as far as linking the game's story to TMC like that. They have crossed their own boundaries by making Niko appear in the three games already :P
I hope I'm wrong though :)
I had to come here after this. New Hyrule is confirmed, so I'll stick with my timeline...
For some reason the story reminded me a lot of both TMC's and FSA's backstories though... This game could tell the exact origin of the trident and/or the imprisonment of the moblins in the bound chest...