According to the Deadline, it's a "done deal" and this was also backed up by sources who spoke to The Wrap. Both sources also claim that Argo director Ben Affleck was in the running to take on one of cinemas most iconic franchises.
Furthermore, The Hollywood Reporter's Borys Kit tweeted that he'd heard the same news and that "negotiations [were] quite down the road". However, with no confirmation from Disney, this is nothing more than pure speculation at the moment. It was only last month than Abrams came out saying he wasn't going to take on the director's chair:
"There were the very early conversations and I quickly said that because of my loyalty to Star Trek, and also just being a fan, I wouldn't even want to be involved in the next version of those things. I declined any involvement very early on. I'd rather be in the audience not knowing what was coming, rather than being involved in the minutiae of making them."
So either he was playing the fans, or he was lying. Guess time will tell on this one...
Star Wars: Episode VII is set for a 2015 release and will be written by Little Miss Sunshine and Toy Story 3 writer Michael Arndt.