nope According to the report, Naughty Dog "co-created" the Killzone 3 engine with Guerrilla Games, though I cannot imagine the engine was started from scratch. Released screenshots for Killzone 3 show snow environments, which were particularly well done in Naughty Dog's Uncharted 2.
Still, this would help get the game to market in the short time following Killzone 2 if the rumored holiday release date is true. The game will definitely support 3D gameplay and PlayStation Move support is rumored, though not confirmed. Expect more details at E3 2010.