UPDATE 4:32 p.m.: EA has declined comment. "We do not comment on speculation or rumor," said a spokesperson.
ESPN also claims EA is working with NBA Jam creator Mark Turmell to develop the updated version of the two-on-two coin-op classic. NBA Jam was a massive hit in arcades and both SNES and Genesis in the 90s. The series peaked and disappeared. Nothing has really replaced it since.
I've reached out to EA for comment and will update if the company comments on the rumor.
Currently, Andrew Pfister and myself are lobbying for the reboot to include the series' tradition of secret political figures characters. Can you imagine McCain/Palin vs. Obama/Biden matchups?