While it may be a possibility in the future, it certainly is not happening now. The Vatican has squashed that rumor. Mark Shea offers a good explanation here.
Here's the latest report from Catholic World News:
The Vatican has dismissed reports that Pope Francis could name women as cardinals.
Following the October 31 announcement that the Pope would elevate new members of the College of Cardinals at a consistory in February 2014, some journalists suggested that the Pontiff could include women among the new cardinals. But Father Federico Lombardi, the director of the Vatican press office, told reporters that possibility was remote.
“Theologically and theoretically, it is possible,” the Vatican spokesman said, explaining that it is conceivable someone not ordained to the priesthood could become a cardinal. But suggesting that a woman could be appointed in February “is not remotely realistic,” Father Lombardi said.
Speculation about a female cardinal was most intense in Ireland, where newspapers reported that Linda Hogan, a liberal theologian, was a likely candidate. London’s Sunday Times gave added credence to the report. But the suggestion of a red hat for Linda Hogan had not come from Vatican insiders; the story apparently had no basis other than a Facebook post by an American Jesuit, Father James Keenan, a theologian at Boston College with a history of support for liberal causes.