A group of people have been working on that for ages, but the proximity to Stansted means has precluded instrument approaches (at the moment anyway) and that is a showstopper for a business airport.
The team there were waiting for the results of the GPS approach at Shoreham if I recall correctly to see if that is something that could be used to avoid Stansted, but I suspect Airspace Policy will have the final say.
It could still server as a good VFR airport though I guess - unlicensed of course.
It would be very handy for the 2012 site too (if London City's really going to be closed for the duration as suggested).