At least according to this Swedish online retailer that has listed said game. It was reported some time back that there would be a Paper Zelda version of A Link to the Past, but the only source was from a random user sending in an anonymous tip. Could this new listing be of any significance? Probably not as if a true Legend of Zelda Paper was officially announced, we would all have heard it from Nintendo and not some random foreign online retail website. Nonetheless, they are listing this game to be released on the upcoming Nintendo console, the Wii U.
Discuss your thoughts on the matter and as always take this only as a rumor for the time being.