From K-site:
Gough Addresses The Dean Cain Rumors
A new interview with Smallville Executive Producer Alfred Gough is headed to KryptonSite in the next few hours; but in the meantime, we thought we'd share with you... Gough on the record about the persistent rumors about former Superman Dean Cain appearing on the show this season.
"I will say there is a little truth to the Dean Cain rumors," he tells us. "We have spoken to Dean's people. We have not found a story yet that we want to put him in. I think if you're going to get somebody like Dean, you've got to make sure that the role is right, and that the episode is good. He is definitely someone we want on the show, and as soon as we find the right episode and the right character, we will move on it, and hopefully given his schedule, he'll be able to do it."
And there you have it. Stay tuned, hopefully the right story *cough*son of Swann*cough* is right around the corner...