Is this a look at the "new" Rupp Arena?

Very impressive building if this is the case. I found the above picture listed as a future "project" for ISG, which is a joint venture between IMG and Bastion Stadiums LLP. Apparently, ISG has put together a proposal to rebuild Rupp Arena and some other projects on campus:

ISG, in conjunction with IMG College, was asked to develop a proposal for the task of rebuilding their famed basketball arena, Rupp Arena, as well as renovating their football stadium, Commonwealth Stadium and building a new baseball park. This would be the most ambitious Division 1 college building plan in America, totalling over $500mm.

Img and Bastion Stadiums are the market-leaders in forecasting and maximising revenue from seating in stadiums and arenas, and enhancing the spectator experience. They have generated more than $2bn in revenues executing and/or managing the sales and marketing of stadium seats at more than 15 projects. Revenue forecasts have been achieved or exceeded in every case.

From the release, construction is slated to take place in just a few months, starting in January 2010.