Coming from a (Google translated) Games TM interview with David Cox...
"I'm a big fan of Contra. After Castlevania, Contra is my second great love. The thing about Contra is that since Contra III was not a mainstream game more - but the rest are absolute core gamer title. I think it cries out for a reboot! If we are to have the opportunity or not, I can not say. But Contra would be cool ... " - David Cox
I definitely think it's time for Contra to get some love. Konami teased a return a couple years back, but nothing happened. Time to make good on that tease!