The answer is: Yes.
Who will be playing Hogan? It's not confirmed but my guess is that it will be the director himself, Jon Favreau.
Whether it's a very minor role, I don't know, but I'm speculating he won't be a primary character in the film. I also do not know if they will have the character romantically linked to Pepper Potts (Gwyneth Paltrow). I believe it will be more of a cameo for a couple of reasons:
1. There is already enough going on in the movie with Stark, Potts, Stane, etc. Too many characters could gum up the works IMHO.
2. Favreau seems to be leaning far more heavily on the current version of Iron Man than on that from previous volumes of the comic book. Although I believe he and the writers have done their research, with Hogan being more of a sidelined character in the comic book these days, I think that will lead to him having a minor role in the film as well.