Last week (on November 5), Microsoft filed trademark for Battletoads in the USPTO. You can check the trademark here:
A possible game from this classic franchise has been hinted for a long time. We need to remember that Rare used Battletoads in Kinect Sport Rivals as a challenge pack.
Additionally, it was hinted in some trailers, as you can see here.
We will see in the future if this could be the revival of this franchise for Xbox One.