Fox is in talks with James Cameron to bring an extended version of AVATAR to theaters in late summer, according to THE HOLLYWOOD REPORTER [1]. The re-release will primarily be a digital and IMAX 3-D release. The new release will be about 10-12 minutes longer, including scenes of Jake proving himself to the Na'vi and a Na'vi festival sequence.
Links:
[1] http://www.hollywoodreporter.com/hr/content_display/news/e3i474fda2d02866bfd711a3d89a21b17a7