Well, not quite. Some years ago there was talk WOTC developing a Magic the Gathering RPG using the D&D rules. After all, WOTC got its start in the RPG industry with a game supplement called Primal Order and, having the worlds most popular RPG and the worlds developed for use in the Magic card game under one owner, it seemed a natural combination to create a D&D campaign setting using the themes of the various Magic expansions. For various reasons, including the difficulty of making the "magic" system in Magic work using the D&D rules and the desire of WOTC management to keep development focused on the two games independent of each other, kept a Magic based D&D campaign setting from development.
WOTC has released a PDF entitled Plane Shift: Zendikar that covers the plane of Zendikar with descriptions of the races, creatures and adventures found throughout the plane. The supplement comes with no rules for character or monsters, instead showing how to adapt already existing D&D races and monsters for use in the Zendikar setting. For example, to create a Zendikar angel, use the deva, solar or planetar from the Monster Manual. Statistics for some creatures, such as the Kraken, are presented in Plane Shift Zendikar as examples, but in the majority of cases, DMs are directed to the appropriate existing D&D monster reference.
Magic in this setting does not work like magic does in the Magic card game. Players still use D&D magic rules. The idea behind Plane Shift: Zendikar is to give D&D players another way in which to experience the game, a way that some players have waited over 20 years for.