Did a new BUFFY movie get nixed by some HIGH SCHOOL MUSICAL kid?

There's a story making the rounds that a new Buffy the Vampire Slayer movie was in the works, set to star Sarah Michelle Gellar and High School Musical's Vanessa Hudgens. Allegedly the project fell apart when Hudgens bowed out. Frankly the whole thing sounds pretty unlikely to me. More on this as (or if) it develops.