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In an exclusive interview with Coming Attractions at Cinescape, FAMILY GUY creator Seth McFarlane told us that the rumor about the possible return of his TV show is about to become a reality. A deal is imminent for McFarlane to continue creating new animated adventures of Quahog's nuttiest, funniest dysfunctional family, the Griffins.

"It's all come down to the budget right now. We're hashing it out," McFarlane tells CA. "It would be a direct-to-DVD project."

While the feature length FAMILY GUY will be developed at Fox, it will be at a different division and not through the company's television arm. And as for when we might be able to see new FAMILY GUY goodness:

"Timeframe, you're probably looking at a year, a year-and-a-half down the line. It will take a while to make. If we could do it within a year it would be very exciting."

With tremendous sales of the first DVD volume of FAMILY GUY (the second set goes on sale starting next week) and ratings on Cartoon Network climbing high, McFarlane's now-cancelled series is proving to be more popular in its afterlife than it was when it was in active production on Fox. Expect all the TV series cast members to reprise their roles for the movie.
From Cinescape

Short version: Very likely to come a direct-to-DVD Family Guy Movie.
and might I add. WHOOOOOHOOOOOO!!!!!!!!!!!!!!