I've not read anything about an actual release, but I'm sure that they are at least thinking about one and probably have some people at YSL Beaute playing with mixtures. Whether or not it will see the light of day, I don't know, but I'd find it odd if they weren't even considering one (given how much money there is to be made in fragrances and how much McQueen wants to break even before his contract with Gucci runs out in a year or so).
Since his men's collection only really started in 2005, it doesn't yet have enough focus or recognizability yet to make a men's fragrance really "stick." His women's lines have been out much longer and, as such, I think that Kingdom really fits in with those. But, as beautiful as his men's collections have been (this winter's is especially interesting), I wouldn't doubt that before long there will be a McQueen for men.
But, I'm with you in that I hope that it doesn't become a men's version of Kingdom. The smell of sweaty balls is hardly what I'm looking for (but, since his men's collections are considerably more subdued and refined over the more aggressive women's collections, I think the men's fragrance would follow suit).
To be honest, I think it would be a dark, gothic scent, perhaps like CN Scent Intense with an added kick (cumin? Pepper? bitter orange or rose?)