Hm may happen, but I agree that it wouldn't be at its current form graphically. I'll just tell you some things that they would have to tone down from looking at screenshots.
See More Tenchu 4 Screenshot at IGN.com
There doesn't seem to be too many polygons for a Wii game, but it does seem like alot for a PSP game. So that doesn't seem too muich of a problem, but could be a big deal if they decide to touch up on it more. The texture quality is going to have to be toned down by a good amount, and you should just lose most of if not all of the shaders seeing as the PSP doesn't have anywhere near the shader technology of the gamecube, or the Wii, and alot of this doesn't seem possible on the PS2 let alone the psp. Look at the fire and particle effects for instance. I have no doubt there won't be particle effects in the psp version, if it happens, and the fire would be toned down greatly.
See More Tenchu 4 Screenshot at IGN.com
In this screen you see alot of lighting effects and again, the psp wouldn't be able to do it. A port is possible no doubt, but it wouldn't be as easy. Also if this game runs at 60fps on the wii(I'm not too sure), it will no doubt run at 30fps on the psp and maybe with some framerate issues. Oh and please ignore the Jaggies when looking at the screens. Almost every 480p> screens of games have Jaggies. I'm going to post a few more screens for reference.
See More Tenchu 4 Various at IGN.com
See More Tenchu 4 Various at IGN.com
See More Tenchu 4 Screenshot at IGN.com
See More Tenchu 4 Screenshot at IGN.com
Here are some screens of the PSP tenchu game.


Oh and people don't start taking this is definite. It is still only a rumor, for now.
@Leo-j The psp is a good amount weaker than the PS2, and is more comparable to the Dreamcast.







