If this rumor is true, it would mark a significant change from the "Yellowstone" spin-offs we've seen thus far. "1893" and "1923" follow members of the Dutton family, just like the original series. The upcoming "6666" is unlikely to include any Duttons outside of cameos, but because Matthew McConaughey's series is seen as the main continuation, the decision to focus on a new family is a somewhat surprising choice.
On the other hand, with "1944" — another spin-off set in the past centering on the Duttons — in the works and a planned 2nd season for "1923," perhaps Taylor Sheridan and the team have decided that the well has run dry on this particular family legacy. It's hard to fault their reasoning if this is the case, but some fans may not take to a series so disconnected from the Yellowstone saga.
Either way, it'll likely be a while before audiences learn further details about the series, which may also star Michelle Pfeifer. With that in mind, we'll have to wait and see whether @MyTimeToShineH's predictions are true.