I saw this initial report over at Coming Soon, but Harry Knowles over at Ain't It Cool dropped a tidbit I haven't heard previously, saying that Abrams will not pick up the directorial reins on the sequel. A shame, since it was Abrams' brilliant casting and stylish direction that saved Star Trek from its genuinely awful script. I've watched it on Blu-Ray three times now and each time I find myself ignoring the plot contrivances because I'm so much in love with what's done right.
Of course, Harry offers no substantial evidence of this being true, so I'm hoping he misheard something through the proverbial industry grapevine.
Expect to hear some real Star Trek news in, oh, about a year or so.