That's what this article implies anyway.
Apparently doing '90210' wasn't enough for CW. Now they want to bring back Melrose Place. And it may be that it may be taking the place of SV. Here's a quote from the article:
Ostroff declined to definitively say Smallville is over after this season but she indicated this is the direction the CW is leaning. The producers have been told to create a season-ender that could also serve as the series-ender.
I have never been a fan of s9 but wow, Melrose Place? I don't even know what to say. I always knew Ostroff was a moron
Oh, an early warning: don't bother reading the comments to that article. I'm pretty sure they'll make you roll your eyes like I did.
Feel free to share your thoughts!
EDIT: polytikal has shared this article with me, which says something slightly different about SV. I guess we'll have to wait for official news to say either way.