Yes, there is going to be a new American Pie movie in the future. It is called American Reunion and will be released on April 6, 2012. Including straight-to-DVD movies, it is the 8th installment in the American Pie series.
American Reunion features most of the cast from the original American Pie movie in 1999, including Eugene Levy, Jason Biggs, Alyson Hannigan, Seann William Scott, Eddie Kaye Thomas, Mena Suvari and Tara Reid. The plot centers around the old friends getting together for their high school reunion.
American Reunion will be the first movie in the series in nine years to be released to theaters. Eugene Levy is the only person to appear in all eight movies.