According to TeamXbox, Halo: Reach, the next Halo title to be released in Fall of 2010, will be Bungie's final game in the franchise. Microsoft Game Studios holds the rights to the Halo franchise, however, so you can bet your grandma that other developers will be developing Halo-based games in some form or another.
Once Halo: Reach is complete, Bungie will continue developing a brand new IP (independent property) that they can't quite talk about yet.
The same article also goes on to mention that Peter Jackson's Halo title, Halo: Chronicles, has been canceled.
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