I think its unlikely, i know some hinted that this will be LV-426 but its obvious now they actually arrive at a World/Planet with its own Moons and not one of the Moons of Calpamos
In Prometheus as they approached LV-223 it already had Rings. And Covenant is set 10 years after Prometheus and also Calpamos is a Gas Giant.
I am actually glad they have not gone the route of this being LV-426 or even that System... we cant rule out it being another Planet in that system... however i find it unlikely as when Holloway gave his speech when he got out his Holographic Rubicks Cube we was informed they found one system that matched the Star Maps and this System had a Planet that had a Moon that possibly could hold life and they arrived there that morning.
So i would assume its much further away than LV-223, but then again just because Ridley says Paradise is the far side of the Galaxy does not mean it is that far at all...
Ridley Scott is prone to exaggerations... as Far Side would mean at least 25'000 + LY away, lets hope he is not exaggerating when he said Alien Covenant will Scare the $"%"£ out of us.... because he said the same with Prometheus lol