This is according to a new, interesting job listing.
E3 2012: PlayStation Move Racing Wheel on the Way
Eurogamer reports that Sony is working on a PlayStation Move racing wheel which can also be configured for use as handlebars in bike racers.
The Move Racing Wheel – which is apparently the official name – places the move controller at the center and features a full set of the standard PlayStation buttons as well as force feedback. The wheel features throttle controls for racing mode and twistable throttle controls for bike mode.
The wheel will support LittleBigPlanet Karting, Gran Turismo 5, and other racers. The release date is currently unknown.