Well... not yet, but Paramount is planning to expand it's animation efforts and Korra is a possibility.
Source: Is Paramount Prepping an Animated 'Legend of Korra' Movie?
Probably sparked by Dreamworks moving to Fox, Paramount Pictures is looking to ramp up it's animation efforts to fill up some empty space on its slate. Since Viacom owns both Paramount and Nickelodeon, Paramount may just turn to Nickelodeon to beef up its schedule and develop some of its own IPs.
Nothing is written in stone (or water, or air, or fire) yet, some of the titles up for consideration are Dora the Explorer, Monkey Quest, and The Legend of Korra .
For Nickelodeon fans, you'll at least have a new Spongebob Squarepants movie in 2014.