Today, Nintendo of America's Twitter revealed the timeline placement of The Legend of Zelda: Tri Force Heroes for Nintendo 3DS. The game takes place after the events of A Link Between Worlds and following the same Link. Here's the official tweet.
However there are some false reports in the past. A gaming news channel on YouTube called GameXplain made a false accusation that Link himself is not in the game on a review and a easter egg video. Also, Julie Gagnon from Nintendo of Canada stated the game is not part of the timeline on an interview .