Hey, when I'm wrong I admit it.
I was certain that despite the cries of fans for another season that the producers of Smallville had settled on season 7 as the final one for the series. Over the last few days however there have been a number of quotes coming from producer Al Gough indicating that the plan is to make season 8 the last season for the show. This, despite the fact that the character of Lex Luthor will no longer be around on a regular basis.
Here are a few quotes regarding the possibility of an 8th season for Smallville:
"We would all very much like a season 8, and that in our minds, would be the last season. But that will depend on many factors, not the least of which is ratings, so PLEASE KEEP WATCHING!"
"...we hope to bring Michael back for one more season after this one [season 7] in some capacity."
"He's [Tom Welling] under contract to the show through season 8."
So there ya go. I have no doubt that the ratings will be strong enough this upcoming season to support one more year. How will the show do in an 8th season without one of the best things about the show, Michael Rosenbaum? I don't know. They'd better do some things to make up for his absence... one of which should be to break their bloody "no flights" rule and have Clark embrace the fact that he can fly. Especially in light of the fact that his cousin Kara, who they're introducing this season, can.
Some of what will be happening this upcoming season is Clark and Lana finally having a serious shot at a relationship (now that she knows about his powers) and the fact that Lex and Clark will have to team up against some other adversary.
Sources: iF Magazine, Kryptonsite