The Arkansas Public Service Commission announced today (link now takes you to PSC news release page) that 327 will be the new "overlay" area codes that dialer will have to use for local calling of numbers in the 870 area code. The overlay plan was decided to be a better way to cope with the exhaustion of phone numbers in the 870 area code than creating a whole new area code in the state. The PSC thinks the change will take effect in 2012.
In answer to a question: The PSC explains that the new area code means 10-digit dialing within the 870 area. Thus 327-xxx-xxxx. They will be local calls for billing purposes