Although Arrow will end with Season 8, showrunner Beth Schwartz is teasing the possibility of the show's future timeline characters continuing to play a role in the Arrowverse after the flagship series ends.
TVLine asked Schwartz if "Star City 2040," the show's episode set entirely in its future timeline, was meant to serve as the backdoor pilot for a spinoff. “It was definitely meant to grow the world that we had already built and to see the next generation of what Oliver and Felicity and our present-day team have worked so hard for, and sort of see what happens in the future,” she said. “We love those characters and would love to see them go on in some capacity after the show’s over... We were so happy, internally, about how it came out. We kinda love our future story.”
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Although this definitely doesn't confirm that a spinoff focused on the future timeline will happen, this does hint at the possibility. It also leaves open the chance of the show's future characters eventually reappearing in other shows and crossovers.
Prior to its final season, the show will lose Emily Bett Rickards, who has played Felicity Smoak since Season 1. It's not clear at this time what that might mean for the character the present and future timelines. If she survives, it's entirely possible that she might play a limited role in a spinoff set in the future.
Airing Mondays at 8 pm ET/PT on The CW, Arrow stars Stephen Amell as Oliver Queen, David Ramsey as John Diggle, Emily Bett Rickards as Felicity Smoak, Rick Gonzalez as Wild Dog, Juliana Harkavy as Black Canary, Colton Haynes as Arsenal, Kirk Acevedo as Diaz and Katie Cassidy as Black Siren.