This came from a German website, planet-nintendo.de. No word has come from Nintendo of course, but the site says that we should be getting information on the game at E3.
Hopefully, this is legit, and the game is actually in development, because F-Zero GX for the GCN was pretty amazing. Also, if it is a reality, let us hope that Nintendo doesn't dumb it down for the casual crowd, because if you have played GX, then you know that it was pretty friggin challenging and downright frustrating at times. Lets hope the level of difficulty, intensity, and satisfaction is kept in this iteration...not to mention some 30 player online races.