The title wording is weird to me. Nintendo isn't going to announce something that doesn't exist. It's lacking the games themselves, not the announcement of said games.
Yeah, do this and add the planned third game!
Was that the planned title? I was trying to thing up something for it.
"Oracle of Laughs"
I believe the game was scrapped pretty early on, back when they were titled Mystical Seed of Power/Wisdom/Courage. It seems there's some agreement the name change came about due to the reduction to two games, but while people agree Seasons was adapted from Power, there's not a real consensus on whether Ages came from Wisdom or Courage. Obviously, Nayru matches up with the name of the goddess of wisdom. However, Mystical Seed of Courage was supposed to use a time mechanic (albeit on a daily scale - you'd manipulate the time of day instead of what year it is), while Wisdom was supposed to have a color-themed mechanic. On the other hand, Wisdom was reported to focus more on puzzles like Ages did (Power focused on combat like Seasons, and unfortunately Courage didn't have a known focus).
Personally, I don't see much value in developing a third game as part of the series (or more specifically, attempting to revive the original plan). I wouldn't be surprised if not much was developed beyond the scenario; the fact that Ages seems to be a mash of two of the game concepts tells me they likely weren't too far along when the decision came to cancel one (if they were more complete, it would've been a lot easier to just use game than rework both to fit together). This also fits with the idea that they weren't originally planning on releasing the games on the same day; development of the three could've been a little more staggered at first. Seasons may have some ideas that were left behind in the decision to go down to two games, but I imagine the bulk of Ages' actual implementation came about without plans for the third.
Both games as they are now are likely incompatible with a third title not just technically, but conceptually. The third game was ultimately scrapped because they were having trouble designing a way for three games to link together; I doubt plans for it ever got too far along.
To be clear, I don't mind Grezzo making a new Zelda game in a similar style, and they can even use whatever scenario Capcom had for all I care. But I don't think it should be included as part of the Oracle set; just let it be it's own thing.