Since Disney only makes TV shows about teenage wizards and pop stars and what-not I could almost guarantee a TV show will never happen. God, they may as well rename Disney Channel to something different, since there is pretty much nothing that the two have in common, in my opinion (other than they are both produced by the same company)
If I'm honest, I'm happy with TLK as it is. We got our sequels, and although they're not great, they are vastly superior to other Disney sequels (Imagine Hunchback 2 in Lion King form?

). I'd be concerned any new additions might spoil the balance I have right now.
A lot of people want a Scar-and-Mufasa-childhood-prequel, but I think if we did get that we would all be very disappointed. We the fans would want something very dramatic and gritty, which Disney probably wouldn't give us. Plus, a lot of us have our own ideas/theories about what happened before the first movie, and if the "official" events didn't match the theories that some people may have had since 1994, there would be a lot of uproar, I think.
However, if there's one thing I
do want it's
a TLK themed ride at Disney Land. Not a show, not a gallery or exhibition.
A ride.
Don't get me wrong, I love Disney land. I've been to California and Paris (aged 5 and 11 respectively) and when I couldn't find one anywhere, I was a bit disappointed. A lot of the other really popular Disney movies got their own rides, so why not TLK? I mean, it would work. Sort of like Timon and Pumbaa's ride on the TLK3 DVD (but obviously a bit less stupid

)