Considering Samsung's current stand, its fair to say that is a false rumour.... but I'd like to be proven wrong.

If anything it will be a Galaxy S with a different external case/hardware and the screen size pumped to 5" or 4.3" from the 3.3/3.7/4" SAMOLED's.

And if Samsung really has the power to mass produce those into a device I'm pretty sure they would've (or should've) applied it to the Galaxy Tab. I mean 720p screen, SAMOLED screen, 1GB RAM ... those are much more useful in a tablet than on a smartphone.

Hell, if they allowed the phone function and maybe increased screen size slightly, Darth Jobs would have nothing to complain about!