Yes, there will be another adaptation of it. However, it is Huace doing it. They’re once again teaming up with Perfect World Pictures–after the success of The Legend of the Condor Heroes. (Go here for the article.)
There are no words of the cast involved yet but they’ll be working on the script and other details for now. We’ll just have to wait, lol. But I wonder how they’ll tackle it with this version. On the announcement, it is said to be 50 episodes, but who knows? There was a poll on Huace’s page awhile back asking about the possible cast. I think I chose Yang Yang to be Hua Wu Que (花無缺). I don’t know about Xiao Yu Er (小魚兒) since I couldn’t imagine anyone in that role yet.
*All images were around the net hence belonging to their rightful owners.