Jane Wells updated the WordPress Development Blog to say that the application for WordPress to participate in the 2010 Google Code-in has been submitted. Specific tasks are still needed, as only high-level placeholders are in place right now.
The Google Code-in is described on the WordPress Codex as follows:
Google Code-in is a Google program similar to Summer of Code, but aimed at pre-university students. The code-in is different from GSoC in that it operates as a task-based contest rather longer pre-determined mentorships, and includes more than just code projects, to help expose students to “the many kinds of contributions that make open source software development possible.”
If you have input on how the WordPress project should best utilize the Google Code-in, visit the development blog and join the discussion.