Sure looks like it.
After renewed interest in Donkey Kong Racing, it’s interesting to look at a Crash Bandicoot racer that could have been. According to Crashmania this reboot of the Crash Team Racing series for PlayStation 3, Xbox 360 and Wii was cancelled in 2010.
The game was to be a sister project to a new Crash platformer called Crash Landed, also cancelled in 2010, and share its visual style. Crashmania says it would have featured kart customization, non-linear tracks, stunts, and might have had up to 16 racers on the track at once.
Too bad. It looks fun enough, though probably not something that would have blown any kart racing fans out of the water.
Image from Crashmania.