It will not be a port, according to Ubisoft. Nintendic, citing the latest edition of Edge magazine (I couldn't find the story online) quotes Ubi thusly: "It's connected to the game in a very interesting way, but it's not a port. A complementary experience, shall we say?"
Not sure exactly what that means, but the game's publisher also told Edge, "We are investigating it very seriously. You would never see a port of the game we're making however. That'll never happen."
The unnamed Ubisoft spokesperson acknowledged that Prince of Persia:
Two Thrones Rival Swords, last year's port of Rival Swords The Two Thrones, was a little disappointing. "The controls were not fully optimised, did not take full advantage of the Wii, but a lot of people saw the POP universe could certainly have a home on Wii."
Sounds like Ubisoft wants a do-over?