Not really, but potentially a step in that direction:
EVGA | Articles | EVGA H57 and H55
The link is to the new EVGA motherboards with on board intel HD video. The graphics "processor" is on the CPU (if you buy the right CPU) so there is no need for a card and the motherboard includes HDMI outputs.
For historical reference, Intel tried making a video card before and failed miserably.
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That seems like concentrating most of the heat in a small space...