Before Legend of Zelda: Breath of the Wild was released, everyone I know was super excited because the game would feature a female Link. I have no idea how that rumor got started. Obviously, it was false. Maybe people were confused with the female Link character, Linkle, in Hyrule Warriors Legends.
I was thinking about it the other day, and Zelda games really like having dual overworlds. There's the light/dark overworlds in Link to the Past, there's the good present/evil future worlds in Ocarina of Time and Oracle of Ages, the giant world/small world in Minish Cap, the normal world/twilight world in Twilight Princess and so on.
I think a female Link would follow along that precedent. That is, a female Link would be part of a game, where there's a male world and a female world. It could be that Link's the only person who can travel between the two worlds, or it could be that Link has the ability to change genders. Both scenarios would fit in with the series precedent.
That seems like an awesome premise for a game to me! I think there is a big potential for confusion and awkwardness, though, because the game developers will most likely follow Japanese standards for male/female behavior. Japanese beliefs on gender don't match with American beliefs on gender, obviously. That was a problem with Case Three of Phoenix Wright: Dual Destinies. A big plot twist was that a person of one gender was secretly a person of the other gender, complete with stereotypes like "only males yell loudly" and "women cannot resist putting on dresses". I think I'd prefer a game without a female Link, as opposed to a game with a female Link that follows stereotypes that are unknown to me.
Oh! Speaking of stereotypes that are unknown to me! In two different books, the Baby-Sitters Club denounces the stereotype that men have to order dinner for their wives at restaurants. I honestly never heard of that stereotype before. Is it common? I can see why the girls would NOT like it, though. Having someone order for you, without consulting you first? That's a jerk move.