yes correct, as described in SGTL5000 p.18 :
The I2S_LRCLK and I2S_SCLK can be programmed as
master (driven to an external target) or slave (driven from an
external source). When the clocks are in slave mode, they
must be synchronous to SYS_MCLK. For this reason the
SGTL5000 can only operate in synchronous mode (see
Clocking) while in I2S slave mode.
In master mode, the clocks are synchronous to
SYS_MCLK or the output of the PLL when the part is running
in asynchronous mode.
~igor