It won't be a Godzilla flick.
Toho Company who own the rights of Godzilla have retired him and all rights to him till 2013, this has been well known for a while now.
And there is also the fact Abrams has said in interviews that he wanted America to have it's own legendary monster just like Japan who has Godzilla as it's monster Idol, which would make the upcoming film a great oppertunity for him to do just that.