The trademark application originally brought to light on NeoGAF shows Microsoft has filed a video game patent for the 1991 beat em’ up/platformer, Battletoads.
Rare, the developer behind the notoriously difficult game, was purchased by Microsoft in 2002, but the dev has struggled to put out many memorable or worth while games.
It’s reasonable to expect the NES classic to be brought to the console (and possibly PC as well) with a typical arcade-game style that Microsoft encourages.
Killer Instinct, another classic game that has been revived on the Xbox One, was re-envisioned and upgraded with more contemporary graphics and gameplay.
Whether Battletoads will follow-suit with a new experience or if it will be just a remake with an HD resolution is entirely up to speculation.