None of the main cast of Life Is Strange appears to be in Captain Spirit, but the trailer explicitly says that it's set in the same universe.
Apprently set within the Life is odd universe, the game sees you playing as Chris and his heroic alter-ego Captain Spirit. It is an adventure called The Awesome Adventures of Captain Spirit.
So TAAOCS is in a way, a proof of concept that the Life Is Strange universe has more to it than Max, Chloe, and possibly even the town of Arcadia Bay.
Captain Spirit will contain "many secrets" and Easter eggs for Life is odd 2, so the directors encouraged players to explore everything. His big imagination takes him - and you - on a big adventure, on one rather ordinary Saturday that turns into one rather extrarodinary.
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The Awesome Adventures of Captain Spirit will release for PS4, Xbox One, and PC on June 26th, 2018 as a free download.
This self-contained narrative experience apparently contains plenty of hidden secrets that you'll discover through multiple playthroughs, and will also feature links to the brand new story that'll come, eventually, with Life is odd 2. The best bit? The Awesome Adventures of Captain Spirit is releasing at the end of the month for absolutely free. You will most likely see and discover new content on subsequent playthroughs which you might have previously missed. There are "links" to stories and details from Life is odd 2, the directors teased.