Disney World will begin a major expansion of Fantasyland that will be finished in 2013. This is the largest expansion in the history of Magic Kingdom. Fantasyland will double in size. Toontown will close so that they can build new areas such as spots for Cinderella, Sleeping Beauty, and Belle. Also featured will be Beast's castle, which will include a new restaurant that will be counter service during the day and table service by night. Hate those long lines for Dumbo? Well another part of the first phase of the expansion will be the doubling of Dumbo, and a new interactive, three-ring circus tent. Let's not forget Ariel, The Little Mermaid. She will get her very own attraction (which will also open at Disney's California Adventure). The first phase of the expansion should be concluded in 2011. The second phase of the expansion, which should be finished by 2013, will be the construction of Pixie Hollow, featuring Tinker Bell and her fairy friends.
Disney isn't stopping at the Magic Kingdom, Star Wars II: A new, 3-D version of the "Star Tours" attraction will debut at Disney's Hollywood Studios in 2011. This will include new elements that will take you to many familiar places in the Star Wars galaxy.
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Thanks to Allears for this new information.