According to LEGO this is not the case.

https://community.lego.com/t5/NINJAGO/Important-Ninjago-Announcement/m-p/4461464#U4461464

You mean Chima? It's been here for some time now...

Hm...Last I checked that was news at convention last year.

But as it turns out, Ninjago is apparently taking a break for rest of this year and it will coming back in 2014.

As for what it was being replace with, I am pretty sure the plan was for Chima to be its replacement since LEGO does seem to be very much banking on this series to be quite a hit this year.

-JMJ 2013

That was misinformation. Kevin Hinkle was apparently trying to build hype about Chima, was under the impression that Ninjago was ending (it WAS expected to, but plans had changed by the time he made that statement), and was under the completely false impression that those two things were connected. In fact, Ninjago is confirmed to be continuing this year (no new sets in summer, but there will be two more graphic novels this year, a couple DVD sets, and possibly other media) and in 2014 (no idea what to expect then, but sets are almost definite since Mark Stafford, a set designer, is still involved with the theme, and there wouldn't be much reason to continue any of the other media past the intended shelf life of the sets otherwise).

Fun fact: when Kevin Hinkle made his statement, he had thought there wouldn't be any Ninjago sets in 2013 either. It was really largely a matter of him getting word of the changes in plans for the theme too late.

"discontinued and replaced by something that will make fans wish it was discontinued sooner."

Hey! That's what happened with Bionicle.

...

...I am joking?

"discontinued and replaced by something that will make fans wish it was discontinued sooner."

 

Hey! That's what happened with Bionicle.

 

...

...I am joking?

Yes you're joking. I still wish Bionicle was discontinued later.