Lew Rockwell says it is:
The Constitution has little relevance to the government, but still it's interesting to note that the crazed John McCain was born, to his state-connected parents, in the Panama Canal Zone. The Zone, the product of US imperialism under the the crazed Teddy Roosevelt, was never officially US territory. That is, McCain was born in a foreign country, and therefore not eligible to be president, according to the Constitution.
I've posted this before, but for more on the crazed McCain, see this great article:
The Madness of John McCain