The project, titled SM64 Online, is being developed by Kaze Emanuar, Melonspeedruns and Marshivolt.
Super Mario Odyssey was first announced in January during Nintendo's Switch reveal event, and is designed to offer a "core" Mario platforming experience.
One of the new twists introduced in the game is the ability for Mario to throw his hat, Cappy, onto enemies and possess them for short periods of time.
And it's not just Mario and Luigi that make an appearance in the game, you can even choose the likes of Waluigi, Rosalina and Yoshi.
You can check out some gameplay footage from SM64 Online below...
The game is designed around compact open worlds that the player can explore in search of Power Moon collectibles, which act as fuel for Mario's airship and allow him to travel to new locations in the game. The company confirmed that Rocket League is coming to Switch toward the end of 2017.