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That feels like too much of a pipedream, more likely it's a third party IP. Wayforward has worked on Double Dragon, River City, Contra, and A Boy and His Blob so I know what to already rule out.
Now if it is a Nintendo IP then man that'd be surprising. Someone on twitter is already speculating Wario Land, and hey I'd be down for that. One third party IP I'd like to see them work on is Castlevania, but Konami's treatment of their IPs as of late leaves a lot to be desired.