Well there's 3 routes.
1) They stick with MCU which means we keep current Spider-man and they'd likely need to make a new venom to go with or omit him completely.
2) They leave the MCU and I believe then would need to make new Spider-mans if they want to be in the correct universe with current Venom.
3) Venom remains standalone.
I would say its between 1 and 3, I don't see them making multiple live action Spidermans. I think they are going to streamline the Fox entities to fit into the MCU, and cut out the unwanted crap, aka Fantastic Four, and most likely the current Venom. X-men is the prize in the Fox acquisition, that's getting a reboot for sure. Better cast Wolverine and Xavier correctly.