As for the validity of this rumor, only time will tell. We all know too well that CMs are notorious for their "story telling" when it comes to new attractions. However, this rumor does seem to have some legs in that their supposedly talking of it being done at Flamingo Crossing. It's no secret that Disney was uncomfortable with the kinds of crowds that Pleasure Island was starting to draw. There were several security-related issues over the last couple of years in and around PI that probably weighed heavily in their decisions to close the clubs. And, I'm sure if you were able to look inside guest relations logs, you would probably see quite a few comments from families who were frightened away from DTD at night due to the rowdys from PI. So, even though PI may have been profitable, and still a market that has a demand, they had to do what was in the best interest for the majority of their guests.
With Flamingo Crossing opening up in a location that's far away from their family orientented shopping and dining district (ca$h cow), they have an opportunity to cater to the more adult style night life without scaring away families. I can see the possibility for a new rendition of AC, and several other PI style night clubs at this new location.