It seems quite likely. Here's a flyer which is apparently "everywhere" in New York City at the moment.
There's more info on their MySpace page, although someone should tell them they've forgotten to include any reference to 'Hip To Hip'.
Also, we thought this was a secret but apparently it's not because it's being talked about in the papers: Xenomania have been working on the next Franz Ferdinand album. Here's what Alex Kapranos has to say:
"We've been interested in Brian for years. His production of Girls Aloud's Wake Me Up first caught my attention. I remember thinking: 'What the hell is that? It's amazing'. There was something about their sound which was immediate but dangerous — rare in a girl group. It was really edgy. I've a lot of admiration for the Xenomania team. It may seem odd as they're the complete opposite to us but there are lots of similarities. We're both a collection of independently-minded people who want to do things their way. Franz Ferdinand have much more in common with Girls Aloud than certain other bands.