Matt in IGN blogs says that at the Game Developers Conference 2006 he met some folks from Rare and Microsoft who confirmed that Revolution's Virtual Console would not have any Rare-owned licenses.

This means the Revolution Virtual Console won't have games like:
* Jet Force Gemini,
* Perfect Dark,
* Banjo-Kazooie,
* Banjo-Tooie, and
* Conker's Bad Fur Day.
Apart from this, it is highly unlikely that the Virtual Console would see Goldeneye 007 because it would require both Rare, the previous license holder and EA the new license holder to commit it to the upcoming Nintendo platform.
However, it is quite possible that titles developed by Rare that are fully Nintendo-owned like Donkey Kong 64, Diddy Kong Racing could show up on the Virtual Console.
Via: Matt-IGN Thanks.