Huh, I didn't know they had announced this.
Yes, OOTS will be in the new magazine. The first strip was completed over the summer, but the subsequent strips haven't been done yet (so there might not be one in issue #2, depending on the deadline).
The comics will pick up the "Dragon Continuity" for OOTS, which started with Dragon Magazine then continued through the "Invaders From the Fourth Edition" story in Snips, Snails, and Dragon Tales. So, expect loosely-linked stand-alone strips with an emphasis on jokes over plot.
I'll probably make a more official announcement next week.