There is a rumor that Guitar Hero arcade will show up at the IAAPA (International Association of Amusement Parks and Attractions) Attractions Expo 2008, set to take place this week in Orlando, Florida.

According to this information, the game has been developed by Raw Thrills, but will be published by Konami. Like, Guitar Freaks' Konami. Here's the rumor from an unnamed source at bemanistyle.com: 

our source has stated the cabinet is going to feature 8-10 speakers, more than 500 LED lights and a 32″ monitor. The cabinet is also reportedly slated to take advantage of Internet connections to provide online cash tournaments sometime starting in 2009.

So, if this is true, there would be a Guitar Hero arcade game from Konami, and you'd be able to earn cash prizes from it. Crazy.

This supporting blurb popped up on Arcade Heroes, too:

Yay - we can talk about it now the news has broken - yep, Konami owns the rights to the technology for AC application so they worked with Activision and Raw Thrills. More big news about Konami expected soon.

Do you feel that this is legit? We'll find out soon enough.

[Update: the fine foks at bemanistyle have updated us on this game, with confirmation picture included (in the gallery above). You can see the cabinets, with integrated foot rests and all. And wireless guitars? Hmm.]