I haven't heard anything locally, but it wouldn't surprise me. Pretty ordinary golf course, but yeah, certainly the largest green area on that side of town. Huge pressure for more housing in the Oxford area, but the infrastructure is creaking badly as it is; really we need a major investment in trams or something similar before any really large housing developments go through, but I can't see that happening.
That said, if you look at an aerial map of the Oxford area you'd be hard pressed to say that it was, as a whole, short of green areas. Large parts of the city centre are green, parts of colleges such as the Magdalen deer park, the Christ Church meadow, etc. Lots of grass in Oxford, just not all publicly accessible.
The Oxford course in more imminent danger imo is Southfield. Club holds its land only on lease (not sure when that expires) and the land pressures around the hospitals are immense. They are building a major new multi-story car park at the Churchill, which is right next to Southfield, but I don't think it will be enough; I can see the golf course being swallowed up by the hospital before too long.