This will be such an awesome game if it's true. I'm 99% sure it's true, though. Bioware is making an MMO and partnered with Lucasarts right after announcing that they are making it.
Wondering what that BioWare/Lucasarts project was going to be? Oh, come on. Like you couldn't guess. During EA's analyst report earlier today, it was seemingly revealed that in addition to working on more Mass Effect, Dragon Age and a "New MMO", BioWare are also handling a new Knights of the Old Republic title. Which means that, if accurate, it's not their upcoming MMO. So, a new, straight-up RPG, then? Probably. If this is indeed correct (and we're checking with EA), your excitement glands can't possibly repel joy of this magnitude.