It is true! There has been talk in planning studies of Trans-Canada being re-routed along the now completed Stoney west leg, Stoney SW, 22X, then Highway 901 to Gleichen.
Open House from 2010:
http://www.transportation.alberta.ca...esentation.pdf
tl;dr: They're looking at an alignment for a freeway bypass of Highway 1 at Strathmore, and upgrading 22X and 901 to a freeway to meet Highway 1 at Gleichen.
If your first thought is that this would not ever be required, you're probably right. There's planning studies on lots of stuff around here, like full twinning of Highway 22 from Highway 8 up to Cochrane, Highway 8 twinning, Glenmore/Highway 560 twinning from Stoney out to Langdon, they've actually got some pretty concrete plans for the inevitable Macleod/194 Ave interchange that I saw earlier this year, the list goes on.