I very highly doubt it. However, if they ultimately choose not to, it will be a horrible PR move on their part and make the Olympics seem pointless.
Honestly, there are too many issues for them to ignore this forever. There are multiple reports surfacing, based on Chinese state-run media info, that reveal three of the gymnasts to be underage. There are also reports surfacing that just last week, the Chinese state-run television admitted that these three are indeed underage, but that they should be “praised for their skills and determination.”
For some reason, the IOC has been lenient with China. After the 2000 Sydney games, a Chinese gymnast later admitted that she had been underage. The IOC still let her keep her medal. And now, they're refusing to investigate this latest scandal involving the Chinese and age falsification. This organization has no problem stripping other athletes of their medals/titles for cheating in the form of doping, etc...but why not China?
If the IOC continues to lack the control and dedication needed to create to a fair and just Olympic environment, then the Games will eventually become irrelevant.