For those of you who have been going through an Avatar withdrawal since
the series ending & if the new live-action movies are for some reason not doing it for you, here's some good news. The original creators of the series are creating a brand new spin-off titled "Avatar: The Legend of Korra." This new mini-series, which will air on Nickelodeon in 2011, takes place 70 years after the end of the original series & focuses on the new Avatar- a teenage girl named Korra. Coming from the Southern Water Tribe, Korra only has one element left to master- Airbending. In order to learn it, she travels to the modern capital Republic City to be taught by Tenzin, the son of the previous Avatar Aang.
All of this was detailed in the original press release when the new show was announced, but since then series creators Michael Dante DiMartino & Bryan Konietzko filled in a few more of the blanks by answering some of the things fans wanted most to know. For example, since there can only be one Avatar alive at one time, this does mean that Aang is no longer among the living in the new series. However, he will still have a presence in the series. It was also confirmed that Katara is indeed Tenzin's mother, & that this was never meant to be kept a secret in the first place. & since "Legend of Korra" will only be a mini-series- meaning shorter than any of the previous seasons of Avatar- there wont really be any "filler" episodes. In other words, don't expect any standalone goofball episodes. The story will be kept lean & tight. Finally, even though the lovable cabbage merchant will not be around 70 years in the future, we've been promised that his legacy will live on in some form in the series.
Source:
http://www.ugo.com/tv/comic-con-2010-legend-of-korra-interview