Well Marr did say, last month, and Morrissey has been in contact with him about it, that they're talking to the record label, and that he expects the set to be released within the next 18 months.
As for this article, I'm not sure if the "4-disc set" thing is just speculation by the magazine - the only part that seems to come straight from the record label is the 2-disc releases and the singles. Maybe the second disc will be full of outtakes and rarities, as well as singles and b-sides from around the time of the album (like "Rubber Ring" and "Asleep" being on The Queen is Dead disc 2, "I Keep Mine Hidden" on Strangeways disc 2, etc.).
We'll see. But it's exciting to see it moving at last, especially since it seems Johnny will be doing the remastering this time, and it will be the entire catalogue.