It seems that a N64 Classic isn’t coming anytime soon after Reggie stated that the NES Classic and SNES Classic were a business bridge between the Wii U and the Nintendo Switch.
A popular rumor these days is that a Nintendo 64 Classic Edition will be released in the near future. With how successful the NES and SNES Classics are, it makes sense. Nintendo of America's president, Reggie Fils-Aimé, has squashed those hopes, but wouldn't totally close the door on the concept. In an interview with Kotaku, Reggie stated Nintendo is not currently focused on an N64 Classic being made.
Reggie: "I would not ever rule something out," "but what I can tell you is certainly that’s not in our planning horizon."
Reggie also talked about the NES and SNES Classics, calling them "limited time opportunities," to bridge the gap from the Wii U to the Switch. This idea seemed to have succeeded, as the Classic Editions garnered more positive press than the Wii U ever did. However, based on Reggie's wording, it seems like Nintendo wants players to anticipate classic content through the Switch's online service going forward.
"We’ve also now been very clear that as the consumer looks forward to engaging with our classic content that is going to happen more and more with the subscription service."
There is a lot to analyze from these comments. First, it sounds like a Nintendo 64 Classic Edition is out of the cards, but not totally out of the question for the future. Nintendo appears adamant about players subscribing to Nintendo Switch Online. This makes sense, because Nintendo Switch Online is Nintendo's first ever paid subscription service, so the company would want to drive sales from there. Now, one could infer from the dialogue that Nintendo 64 titles could appear on Switch, and that might be true. But, it's not likely to happen anytime soon.
Currently, Nintendo Switch Online features NES titles, with more being added. (In December, Nintendo confirmed that Wario's Woods, Ninja Gaiden, and Adventures of Lolo will be added.) Before Nintendo 64, it would make sense to get through the SNES's roster of titles. Of course, Nintendo could surprise players by announcing that Super Mario 64 and The Legend of Zelda: Ocarina of Time is coming to the service next month, but again, one has to assume that SNES games will come first. It is also hard to picture an entire N64 roster of games available under the rather inexpensive subscription model. Time will tell what Nintendo will offer, but one thing remains clear: those hoping to revisit Nintendo 64 games will have to continue waiting.