No. o.o A real Spyro game. The next one that's 'another chapter' similar to TLOS series.

They were talking about another real game of Spyro. (Besides the Skylander ones)

As Aura said, Spyros Kingdom was initially intended to be a new Spyro but an MMO, but still about spyro.
It was scrapped, but then redeveloped. http://spyro.wikia.com/wiki/Spyro's_Kingdom

Sad it was cancelled. We may of had something truly nice for the series instead of Skylanders which is NOT part of the series anymore.

No. o.o A real Spyro game. The next one that's 'another chapter' similar to TLOS series.

They were talking about another real game of Spyro. (Besides the Skylander ones)

They scrapped the idea when they were making Spyro's Kingdom, which soon developed into Skylanders.

They were talking about another real game of Spyro. (Besides the Skylander ones)

I don't think that the LOS series is ever going to be continued if that's what you mean?

Yes and No.

The story itself will be way different compared to the TLOS series.
Just 'basic' plots after what happened in TLOS will be te same.

Won't be a TLOS anymore, but continue the same storyline.
(As of what I have read that day from that admin/mod/official activision person)

Basic plot of the new Spyro games (Not the Skylander ones) would be like TLOS, although it would not be a continuation from the trilogy itself.

For example, 
(DOTD spoilers)