It's supposed to happen, but no exact details yet. The word is that Trailways will be running a bus service to Bloomington starting sometime in the near future (early 2010?). I don't remember all the details in the announcement, but as I remember there will be two buses each day; one northbound (to Indianapolis) and one southbound (to Evansville and/or Louisville?).
The Bloomington "station" will be in the heart of downtown at the Yellow Cab office, less than 1 block from the square.
Will try and provide more details as they become available.