Simply: No.

What i mean to say is that if the main KH team is caught up with versus, its somewhat likely that they will merge the BBS and 358/2 teams to make it.

   KH3 will (definitely) come out this gen.

   It can be announced any day (not exactly any day, but at any major gaming event) - since it's not a problem for SE to announce a game that they havent started developing yet, they do that all the time (recently - FFCC: Crystal Bearers, Dragon Quest X) I am expecting the KH3 announcement this year.

   Another thing that suggests there will be KH3 this gen is the company's strategy they are using since 2005: when it comes to their big franchises, instead of developing an independant game each new time, they instead make each such game a part of some planned project/compilation, with one main title and a number of spinoffs to support it - they do that with Final Fantasy (Fabula Nova Crystallis), they do that with Dragon Quest (DS remakes of IV-VI, DQ related games for DSi), they are going to do that with Eidos' IPs, and the three upcoming KH spinoffs suggest that they are about do that with KH aswell.

It's not even announced yet, and the KH team is busy making Versus XIII.

Let's face it people. The KH franchise is owned by Disney. You know, Disney. What's the demographic Disney sells too? Kids. What are most kids playing?  The wii. Do the math.

Unless the game is well into development (and I'm not just talking about the KH 358/2 team throwing around ideas around the water cooler -- I'm talking real development/programming with a full blown team of 50-60 people) right now, there is little to no chance in hell this game will come out before fall 2011.

I'm not even joking when I say Wii HD/Wii 2 is just as likely to end up getting this as any other platform because by fall 2011, Nintendo will likely introduce a HD version of the Wii. A Wii HD/360/PS3 multiplatform release could be possible as well. 

The only other way I can see this coming out earlier is if Square-Enix has been secretly developing the game with another team for the current Wii using an enhanced version of the KH1/2 engine. Which may not be what some folks want to hear, but honestly that might be too much money for S-E and Disney to ignore. 

Well the PS3 has 7 1/2 years of life left!

Im guessing they are already secretly working on it.

Possibly a teaser at next years E3... followed by a full trailer at TGS.

Game releases in 2011/12 for either Wii or PS3.

it will be released in Xmas 2011 IMO