There is no cancellation in the works, it's just going to take a long time:
Melissa Valiquette, vice president of Magic Kingdom Park at Walt Disney World in Florida, told the
Orlando Sentinel replacing the ride was a “lengthy process” and was “going to take some time.”
“Sometimes decisions can be made many, many months, even years” about an attraction being replaced before the new attraction is open to the public, Valiquette said, and “it’s going to take us a little bit of time to reimagine Splash Mountain.”
Valiquette did not say when Splash Mountain would close to start construction on the new attraction, and Disney has not yet responded to a request for comment on the timeline.
A Walt Disney World executive said Wednesday retheming the ride was "going to take some time."
www.forbes.com