But would Nintendo really risk making Link a girl? Unless they have decided to go down the RPG route and let you choose your gender?
I do see where you are coming from but I think it may just be the art-style that makes him look quite feminine. It looks very anime-esque and I feel that anime has a tendency to make male characters look quite feminine.
It will be very interesting (and strange) if it is a girl though.
What risk?
Its not art style that makes me think this one is female. Its Anatomy. Humans are sexually dimorphic. They are very different in skeletal and muscle structure, its not just boobs and dangly bits, or pretty faces. Ive never looked at a link before and had any question of the gender despite the pretty face because of this (windwaker excluded, as at that age physical gender is irrelevant to body structure). Link has a masculine body structure.
From my experience in college art classes, particularly the classical arts anatomy and physiology of the human form. (Drawing naked people YAY! Of all body types.... and ALL ranges of (adult) ages. ALL. AAAALLLLLLLLLL AAAAAGGGGEEEESSSSS.)
This stands out strongly as a female back. from the shoulders, the scapula, down to the waste, very feminine in muscle structure. And yes, believe you me when they designed this character, and ANY character they do indeed have skeletons, and muscle structure as part of their design. As well as nude (but probably genitaless) design sheets in concept art to show off that muscle structure for people to understand how the character is formed. Yes, even in fictional characters that do not have realistic art styles. Egads if those ever got out...
And this is a feminine neck and shoulder structure.
Im not just looking at the face, and judging from the enlarged eyes and slimmed jaw... If this is still a male, It will be the first time they went past making just the face androgynous. WHich they could also do. Maybe this time the hero is hermaphrodyte!
I honestly wouldnt be surprised if Nintendo tried later to reveal this as a surprise.
Any other Link design, would have taken me by surprise if they tried to pass it off later as female. This ones body structure stands out very strongly as female to me.