Obviously complete and total BS.
The only reason Nintendo would delve into a new disc format ability would be to upgrade their system's disc capacity.
Given how far into the generation we are and how many Wii systems are out there, Nintendo wouldn't be developing such a drastically upgraded system.
Additionally, if they wanted to upgrade the system's abilities, they'd go with a different standard. The SNES-CD didn't use CDs; it used SuperDiscs (which were modified and are now known as the PS1's black discs). The GCN didn't use DVDs; it used GCN Game Discs. And the Wii uses the Wii Optical Disc. All are based off the tech of their respective standard, but all are not that standard, nonetheless. They have different firmware.
As they have different firmware, they are not CD/DVD tech, specifically. The only difference between HD-DVD and BR is... you guessed it, their firmware. Both are the same laser tech. Naturally, if Nintendo was going to use something better than DVD for their system, they'd do blue laser tech. It'd certainly be based off of blu-ray, but given who makes blu-ray, it most certainly wouldn't be. Instead, it'd have a different firmware, and it wouldn't include royalties due to Sony.