I wonder if they could even remake those games without Capcom's involvement... I would think they could, seeing as how Nintendo is the publisher and Capcom just developed it so I would assume Nintendo owns all rights to the game.
I would say that there's a good chance they remake it and they could probably carry over many of the same resources from the Link's Awakening remake to the Oracle games. Not sure how they'd handle the "dual game" aspect of it but would wager they'd release two separate games (which works fine for the Pokemon games). As much as I think Nintendo milks many of their new games with nostalgia, I can't say I mind these remakes which modernize the gameplay mechanics but I'll never understand the changes to the Water Temple, my brother and I both beat the game within a week of launch without any issue (and we had no idea people considered the Water Temple hard for years.