Pretty sure that would require some insane engine reworking. IIRC, ZoS stated that the engine was designed NOT to have underwater action.
I don't know, if this is true. What I know is, that at the moment underwater content is not possible, as we don't have water. We only have a surface that looks like water but nothing beneath it.
At the moment, they can't even animate characters in a way that they would stand properly on uneven ground or stairs. So I wouldn't expect them to bring in underwater content and diving anytime soon.
There are two new zones in developement at the moment. Underwater content would mean, that the ocean and some lakes would have to be rebuild and that would need a lot of work. So even if they started to do this now, what they will not do, they might be finished with it by 2016.