Definitely would require custom coding via the PSI (Project Server Interface), but you should be able to pull or feed Project Server 2010 with Timesheet data.
Integrate with project accounting systems Capture the resource costs and expenses associated with projects to feed financial and billing systems and for budget comparison purposes. Synchronize tasks, resources, and assignments between the systems. Capture timesheet data in one system to feed the other (which timesheet is used depends on needs of the organization or of individual projects).