This rumor is very lean on anything resembling hard facts, but it bears repeating considering the source of the rumor was NVIDIA's own Tegra manager. It's been a bit more than a year now since NVIDIA outted Tegra 2 at CES 2010.
NVIDIA's GM for Tegra has stated that he plans to stick to a yearly refresh schedule. The manager has said in an interview, "I'm going to come pretty close to my cadence of a launch every year. It will be in production around the same time as my competitors' first dual-cores will."
That's certainly not a hard admission by NVIDIA that Tegra 3 will land at MWC, but considering CES came and went with no mention and Rayfield stating he wants to keep to a yearly update, a Tegra 3 debut in February sounds possible. Rumors claim that Tegra 3 will be a quad-core processor using the Cortex A9 architecture and mated to a GeForce 8 or 9 GPU. That will make for some impressive performance if accurate.