Could well be, I did a short tv bite earlier today and the producer of the segment said that it was developing. I thin he was right.
As an amateur meteorologist of sorts (call it a lifelong hobby - college background in earth sciences, former Skywarn spotter, yadda yadda yadda), the last few Doppler and satellite loops are showing some pretty decent banding around a cyclonic center. And it's moving back out into the Gulf, which is just more fuel. It may only reach TD status, but I'm not reading where there are any inhibiting mesoscale factors in the forecast to prevent it from doing so. The ridge of high pressure over the region is forecast to move out quickly.