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under that working title, it's been confirmed that since the original Avatar series was such a huge success, theyve decided to continue the story
it's supposed to begin in 2011 and the original co-creators are involved

from the Avatar Wikia:

for more info, check out the wikia: http://avatar.wikia.com/wiki/Avatar:_Legend_of_Korra

It sounds very interesting, I hope it is good. I'd so love to watch some more good stuff set in the Avatar universe.