I've just found this article on CodeProject:
We want to integrate our XNA scene in a WPF user interface in the same way that we integrate a canvas or any widget. But the best way to view a 3D scene in XNA is to incorporate it in a window. It is impossible to obtain the handle of any WPF control as can be done with a WinForm. The trick then is to rewrite part of the XNA framework revolving around the Game class. The goal is to inherit a new Game class from Panel (in our case, a Canvas) to be able to include it in the WPF visual tree. The visual bounds of the panel will be the viewing area of the XNA scene. Yet, we have just said that it is not possible to obtain a handle to a visual control that does not inherit from Window. How do we display 3D with XNA then? We will simply display a window without border just above the panel. This window will always be on top when the application has focus and the panel is visible and will be hidden in this case. Similarly, when the panel is not visible, we will halt the activity of the game.
This thread on the Microsoft forums has a discussion on this and one poster states:
Then, the conclusions is that you can have XNA rendering into a WPF form with no issues but you must avoid using the Game and GraphicsDeviceManager classes as the latter requires a Game instance to run (constructor is defined as new GraphicsDeviceManager(Game game)) and the Game class doesn't provide any way to define the window on which it renders.
So it looks like it is possible, but requires some work on the XNA side of the equation.