At least that's the way it has been, but indications show HP has conveyed the rights to the Palm brand to a company named Wide Progress Global Limited, and a new website teases that Palm is coming soon.
Going to palm.com redirects to mynewpalm.com which shows a simple Palm logo of old and the teaser "coming soon", replaced by another teaser "smart move".
WebOS Nation did some digging and determined that the company behind the web site is affiliated with Nicholas Zibell, the president of US operations for Alcatel OneTouch. Alcatel makes Android phones.
There's no way to know what Wide Progress Global Limited plans to do with the Palm brand, if anything. Long-time Palm fans shouldn't get excited yet. Indications are this is not a transfer of Palm technology, so it's not likely webOS will come into play on any phones that the new Palm may release.