From Collider:
It’s been far too long since we’ve had a good Star Wars: Episode VII rumor. Today, we’ve learned of an intriguing plotline that may feature in the upcoming sequel. So far, plot details have been practically non-existent as the search for a director continues. However, screenwriter Michael Arndt (Toy Story 3) was handling the screenplay, and presumably he had some direction from producers Kathleen Kennedy and George Lucas, although Lucas says he “doesn’t really have much to do.”
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This plot line wouldn't exactly surprise me, but if they go along with these books the timeline obviously wouldn't match up. Oh well, hopefully next month we'll get some more concrete information.
It's too early to make any prediction when it comes to story-line.
it depends on if they ever sign harrison ford, mark hamill and carrie fisher, if not, disney will find another alternate storyline for new characters, but it would be great if it still includes luke to establish the jedi academy even as a flashback.