Anonymous "industry sources" have told Eurogamer that the bundle is indeed real and will be released in March or April of 2011 for around $40, the price Walmart lists too.
Sony has previously expressed interest in releasing more revamped bundles along the lines of the God of War Collection and The Sly Collection. SotC and ICO were named as much-requested candidates for revamps by Shuhei Yoshida, Sony Computer Entertainment Worldwide Studios president, in a June 2010 interview with Joystiq.
Were such a bundle to be in the works, this week's Tokyo Game Show--where our intrepid Garnett Lee is on the ground--would be as likely a place as any to announce it. Team Ico's next game, The Last Guardian for PS3, will be on display at the show.