And since nothing has been officially confirmed by Lucasfilm/Disney, this should still be regarded a rumour.
That being said, I'd be extremely happy with this choice. I enjoyed his "Star Trek" immensely (the best SciFi movie I've seen in the last few years) and more than that I really loved "Super 8". Funnily enough with S8 being set in the 70s, the costume/hair/makeup did have that classic trilogy look to them... maybe he can sneak some of that look into Ep7 :D