It seems to be not very credible.
From the article:
"Professor Donald Cameron Watt, author of How War Came - widely seen as the definitive account of the last 12 months before war began - said the details were new, but said he was sceptical about the claim that they were spelled out during the meetings.
"There was no mention of this in any of the three contemporaneous diaries, two British and one French - including that of Drax," he said. "I don't myself believe the Russians were serious.""
Also, it would have been unrealistic to expect the Poles to voluntarily allow the Red Army into their country.
"The new documents, copies of which have been seen by The Sunday Telegraph, show the vast numbers of infantry, artillery and airborne forces which Stalin's generals said could be dispatched, if Polish objections to the Red Army crossing its territory could first be overcome".
The Poles fought off the Soviets in 1919-1921 when they tried to take over Poland. Why on earth would they let the Soviets bring 1 million soldiers into their country?
http://en.wikipedia.org/wiki/Polish%E2%80%93Soviet_War
"But the British and French side - briefed by their governments to talk, but not authorised to commit to binding deals - did not respond to the Soviet offer, made on August 15, 1939. Instead, Stalin turned to Germany, signing the notorious non-aggression treaty with Hitler barely a week later."
I find it highly unlikely that such an agreement would have been hammered out in one week. Undoubtedly, the Soviets were negotiating with everyone they could in order to accomplish their goals of state security and communist expansion.