From Bulbanews, your community Pokémon newspaper.
Pokémon president speaks on Pokémon and Nintendo's next console
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In an interview with Famitsu over the tenth anniversary of the franchise, Tsunekazu Ishihara, the president of The Pokémon Company, mentioned the current status of plans for a Pokémon game on Nintendo's next home console.
When questioned about the Revolution hardware and any new ideas it might produce, Ishihara responded, "We're considering many plans for the Revolution. However, there are still areas of the Revolution itself that have not been seen, so we'd like to coordinate with Nintendo's movements."
While it appears that the game is not in progress yet, this is a promising sign that it will appear in the future.