I'm afraid so, yes. Selena Gomez announced it at MTV.
She said: I hate to end Wizards of Waverly Place, but I have to. Don't worry, fellow viewers, The series will end in a good way, and I have also ended it with a movie.
Then, I'm going on a tour.
Hope this helps :)
IMPROVE ANSWER: BY lollipop1239
Yes. Sadly Wizards of Waverly Place is cancelled and Selena did announce it but, there seems to be no "Movie" they are ending the show with. The only thing close is an hour long ending episode called "Who will be the Family Wizard" but no sign of a full length-ed movie. So I'm sorry but you seem to be a bit inaccurate.
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Wizards of Waverly Place - 2007 Wizards vs- Vampires on Waverly Place 2-26 was released on: USA: 24 July 2009
Wizards of Waverly Place takes place on Manhattan Island, New York.
Skyler Samuels plays Gigi on Wizards of Waverly Place.