Not as a playable character, but we can continue to dream!
http://www.nintendoworldreport.com/news/36141
Skull Kid, the antagonist and wielder of the titular Majora's Mask, will becoming to Super Smash Bros.
This information comes from the official Super Smash Bros. site where Skull Kid can be seen posing above a location that looks similar to Skyloft. The site stresses that Skull kid will not be a playable character and will just be making an appearance as an assist trophy. It is currently unknown if the character will appear in both the 3DS and Wii U versions.