From Twilight Lexicon:
Taylor Lautner is not coming out in the January 7th issue of People Magazine. Apparently a manip (manipulated photo) that had its origins on Tumblr somehow got picked up by a variety of news services as legit. It is in fact A FAKE. The photo itself is real enough having been part of the New Moon PR campaign, but the text is entirely bogus. Gossip Cop has full details.