I don't think that this necessarily means that the movie will be based on the classic story of that name any more than First Class was an adaptation of the comic of that name. It's probably just a title that someone felt lends itself to a prequel/ period movie.
Of course, it's possible that this story could be tailored so as to feature the Patrick Stewart/ Hugh Jackman cast and the James McAvoy/ Michael Fassbender one. But I think that First Class has proven successful enough for them to make a straight sequel without either the need to reinvolve the original cast or to use time-travel to do a 'Star Trek 09' and semi-reboot the timeline. I think that this is just a title, nothing more.