The rumour that EGM exec Shane Bettenhausen hath wrought upon Microsoft Game Studios warranted response from not only Rare, butAlan Wake developer Remedy, who writes on its official forum: "This rumour has nothing to do with Alan Wake as we're busy developing the kick-ass game you've been waiting for (unless someone forgot to tell us about it... )"
That's from Mika Reini from Remedy, who has the very dry title of "office manager". Alright, then. Who's next?
Is Alan Wake cancelled for 360 ? - Answer: Nope [Alan Wake Forums]