According to mlbtraderumors, it appears as if that is the case. The Tigers get a sandwich pick between the first and second rounds, and one of the Giants draft picks. It will likely be the second round pick (sixth in the round), unless the Giants sign a second (and higher ranked) Type A free agent.
Update: It looks like it's not quite official, and potentially not imminent. Let's not count our draft picks until they hatch.