The rumor appears to be based on the (reasonable) logic that if the technology is already in place on the Xbox 360 -- via Condemned -- surely Monolith won't hesitate in porting their flagship FPS to the console. Apparently we should expect an announcement shortly, so stay tuned for more.
Joystiq Review: Condemned Criminal Origins (Xbox 360)
Joystiq Review: F.E.A.R. (PC)