The Legend of Korra 3 is not cancelled, and the remaining five episodes will roll out weekly on Nick.com and a Nick app starting August 1^st.

Korra Nation, Legend of Korra's official Tumblr, addressed rumors and confirmed the exclusively digital release:

"Hey Korra Nation! Phew. Some of you may have heard versions of this news elsewhere, but here's the official word. After this Friday's on-air premiere of Episode 8 'The Terror Within' at 8/7c, all remaining Book 3 episodes will move to a digital rollout. That means two things: 1) Korra is NOT cancelled, 2) the remaining episodes will roll out weekly on Nick.com and the Nick app beginning August 1, as well as on platforms like Amazon, Google Play, Xbox and Hulu."

Bryan Konietzko, co-creator of "The Legend of Korra" and "Avatar: The Last Airbender," also downplayed cancellation rumors on his personal Tumblr account and hinted that further discussion of the series will take place at the San Diego Comic-Con International 2014.

Michael Dante DiMartino, Koneitzko's co-creator of the animated series, admitted that moving solely to the digital realm is a "disappointing development," but is adamant that the show is not completely terminated from the face of the planet.

He also promised that Book Four will not be affected by the changes transpiring.

"As long as you all are able to see the show in some capacity, I'm grateful," DiMartino wrote, and then joked, "And honestly, you're all watching it online anyway, right?"

Rumors that Legend of Korra season 3 was cancelled surfaced after Nickelodeon removed the program from its live broadcast schedule amid a drop in ratings.

Episode 8, entitled "The Terror Within," will still air on Friday (July 25) as scheduled, and this will be the last time that fans will be able to watch the hit series on the Nickelodeon channel.

Moving forward, they will need to switch to online viewing.

According to Zap2it, the Book Three is just averaging 1.3 million viewers, half of the average viewership of Book Two.

It can be remembered that the critical success and reception of Legend of Korra last year created a new television genre with its riskier and more mature approach than The Last Airbender.

The Legend of Korra season 3 premiere took place on June 27.