A little poking and prodding on my part.
I contacted IcelandAir myself via email to see if the "rumor" about YEG being a potential destination was infact more than a facebook rumor...
I sent this email sometime ago.
The response I recieved today?
Yes, YEG is being looked at "very closely".
Keep in mind if it does get launched in 2014 it will likely be seasonal service. YYZ also started as a seasonal route and was only recently made year round. This route makes perfect sense for YEG as its a one stop connection to Amsterdam and Frankfurt (two cities high on the YEG wishlist). Some in YYC may argue "why YEG"? YYC has sufficient service to LHR, AMS and FRA aswell as other European cities via both scheduled and charter service IMHO. YEG sits "untapped" and gives ICE access to those markets in one easy Reykjavik flight essentially cornering that market beyond AC's LHR flight. And if a Calgarian wishes to travel on Icelandair there are several connections available to YEG...

(You had to know I was going to say that).
BTW the other Canadian city being looked at and may also be launched is YVR. Heres hoping for 2014!