[Update: Codemasters says it's not happening.]
Triumph Studios, creators of Overlord, have a job posting where they're looking for a PlayStation 3 programmer who will be responsible for "porting X360/PC code base to PS3." Well, unless they're planning to port Age of Wonders five years later, we're going to guess they're looking at "porting" Overlord to PS3.
If you're a PS3 owner looking to play Overlord and just can't wait till they hire this person to do the porting, you can always just head on over to GameTap if you've got a gaming PC. A recent deal between Codemasters and GameTap means that anybody with a decent PC and internet connection will be able to play Overlord with a subscription for far less then the next-gen $59.99 price. Considering they haven't even hired the person to do the porting yet, who knows when it'll be done. Alternatively, it could be a completely new game Triumph is working on and looking to port the code for.