Well that seems to be the question every Velvet Revolver fan wants to know.
What we do know is there was interest as he did try out. Here's what Duff McKagan (Bassist) had to say about the subject.
"I'll go with Corey Taylor's line that was genius, like, a week ago or whatever. I can neither confirm nor deny that Corey Taylor is in VELVET REVOLVER." -Blabbermouth.net
I don't know about you, but that sounds like he's in. Tell me what you think by leaving a comment below.