Erm... no? Bioware has already said that The Old Republic takes place 200 years after the KOTOR series. They've even released a sidequest trailer that takes place at Revan's tomb.
Alright, I got my years mixed up, but there's still a massive gap.
This is why a lot of us KOTOR fans are pissed off. Between them, Bioware and Obsidian set the KOTOR story up for an epic finale. Huge events were culminating, characters were starting out on their final missions to bring peace to the galaxy, everything looked like it was heading towards a final, unescapable climax... and then they dropped the ball on the whole thing. Instead of allowing players to finish the story themselves with the characters that they had invested in, we instead get a single side-mission in an MMO and a tie-in novel based on a single 'canon' approach to the events of KOTOR.
So blame LucasArts. It's their franchise, and they had the final say in the time period and events, as well as the story. If Revan's story has been left incomplete, that's their decision - not BioWare's, nor EA's.
Even moreso considering how non-linear the KOTOR games were, and how every player created their own personal experience that simply can't be generalised into a basic cover-all plot for a novel.
Can and has been. Again, LucasArts have a canon to stick to. Revan is male, Revan bonked Bastila and Revan was light side. That is the canon, that is what officially happened, that is what will be used in TOR and the novel. If you remember, KotOR2 muddied the issue with no import facility and a rather poor retrospective dialogue at the start. Even if they went back and remade KotOR and KotOR2, there is still no way LucasArts can not
have a canon Revan. Due to the scope of the story and the things involved, as well as the expanded universe surrounding the games, they *need* a canon Revan otherwise they can't do anything with Revan.