As much as I love NBA Jam and am super glad they made a new one. NFL Blitz was always my personal Arcade Sports game of choice. Jeff Gerstman, formerly of Gamespot and now of Giantbomb.com originated this rumor. In his story he says that it comes from a trust worthy tipster and that the game will be developed over at EA Tiburon where they make their current Football games.
I would definitely welcome more arcade sports titles as long as they learn that they can’t milk them like usual sports games by just updating the roster.