The phrase "word on the street" means the information or rumors that people are talking about or discussing. It refers to what is being said among the general public. Full definition
But they've been doing pretty well, and word on the street said that they were working on a formula to help them enter the game retail market. (thatvideogameblog.com)
At least not if the current word on the street is anywhere near close to the truth. (madgeniusclub.com)
Further word on the street is that the device will feature an HD display, a touch screen, and dual analog sticks. (riddlethos.com)