Yes, the picture shows a young man being told that he is going to be king. In the story, he is actually out catching birds when the courtiers come to give him the news so his fortune changes very suddenly and dramatically.
In the full story, he has ups and downs but everything works out happily (one assumes). I have to say that I deliberately chose this as a small "nod" to the pattern in older decks (and in emblems) that shows a king on the wheel in four states - and sometimes has captions saying, "I shall reign", "I reign" etc. In other words, I was trying to imply, lightly, that even once he is king, it's not necessarily going to be "happily ever after" all the way.
Scroll down on this page and you'll see what I'm talking about. I'll try to find some better images too.
http://www.letarot.com/pages-vrac/pages/Petrarque.html
Edited to add. This is actually a better link which discusses the iconography - it's the one I was looking for:
http://tarot.com/about-tarot/library/boneill/wheel