Report: Valve Developing Steam Box Console
http://www.faqs.org/patents/app/20110105231#b
The rumor was based on a no. of factors, one being a patent filing. So i guess that would be it.
Valve has diplomatically denied the rumor saying that 'you will not see such a thing come out of Valve anytime soon'(not actual quote).
Well Valve has to do something new and cool with the next half-life. Bio-metrics and advanced peripherals?. Hmm... everything seems to connect somehow.
Maps made : [SP] PORTAL 2 : After Math
Steam ID : chimera201
No source link = 
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What do you want msleeper, you probably know that it is the job posting popup on valvesoftware.com
There are 2 hardware engineer positions
Too bad I'm not a hardware expert(for the likes of VALVe).
Maps made : [SP] PORTAL 2 : After Math
Steam ID : chimera201
Allow me:
This source link contains all the applications, click on either Harware Engineer thingy.
And no, I wasn't trying to apply. Just figured I could trace this back to there. 
EDIT: Damn, OP beat me to it... 
Maps in Development:
[spoiler]- Penrose 04 (on hold)[/spoiler]
Well yea; I assume that the valve corporate website is a good source for speculation 
Well, let's not be too hasty there, lp. I'm not so sure I can trust Valve anymore after certain nefarious acts which totally destroyed my antlion-killing buzz... 
Though needless to say, this seems legit. 
Just hope they'll deliver in time for the rapture...
Maps in Development:
[spoiler]- Penrose 04 (on hold)[/spoiler]
It's probably related to this.
http://blogs.valvesoftware.com/abrash/v ... m-doing-2/
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http://blogs.valvesoftware.com/abrash/v ... m-doing-2/
Interesting (but rather long) read. And yes this could be very well be possible. 
Is no one else worried that if Valve put out a console their games will become primarily geared towards said console and the PC versions of their games will likely suffer?
Look at what's happened to the Call of Duty franchise since it became console oriented. It's dead...