No, it's not Brian Lee O'Malley. It is Alex Ahad who has contributed to the Scott Pilgrim comics along with a few other projects. The game is a 2-D fighting game called Skullgirls, and is about a group of monster girls and goth chicks who beat each other up on a quest for the wish-granting "Skull Heart".
It is being developed by Reverge Labs, a new indie studio, and published by Autum Games who brought us Def Jam Rapstar. While it has absolutely nothing to do with the Scott Pilgrim Versus The World beat-em-up arcade game from last year, Skullgirls does have similar art style to that of Scott Pilgrim, with manga-inspired character designs (Including pre-requisite catgirl). Some of these deformed-yet-cute skullgirls have some interesting concepts behind them, like Cerebella who has two gigantic, muscular arms growing out the top of her head. The press release makes some awfully grand claims such as purporting the game to have "the most advanced 2D fighting engine ever created". Time will tell how this downloadable title stacks up against the like of Marvel VS Capcom, or other genre classics. Pricing and release date aren't available, but it should be out in 2011. In the meantime, you can see some details and concept art on Skull Girls' website.
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