If it's indeed a project in development, this new Crysis SKU would likely be a reskinned version of the original title shoehorned into CryEngine 3. Which, frankly, can only be a good thing - as it's a much more visually appealing game that will better demonstrate what Crytek's new engine is actually capable of.
Plus, it also happens to be much better than the sequel. Here's hoping that Crytek won't have to butcher too much of it to fit the massive sprawling experience on to consoles. EA has so far refused to comment, so we'll have to wait and see.