It makes sense, but I can't see how it shakes out. We are limited to 9 assistant coaches. We currently have 4 (Woodie, Hampton, Jancek and Mathies) on the defense and 5 on the offense (Reaves, Gilbertson, Pimpleton, Weist, and new OL coach).
Reaves going to OC and King becoming QB coach wouldn't work because that would put us at 10 assistants. If King is joining the staff, someone else is leaving.
It doesn't have to be the current QB coach (Reaves) though. Reaves could take on the OC title along with another position (RB or TE?) and that would allow King to coach QBs.
Edit: and just as I finished this I see 247 is reporting that Reaves is moving to coach TE and Gilbertson is becoming a GA.