Well, the Animal Kingdom to be more precise. But yes, Disney has licensed the rights from 20th Century Fox and James Cameron in order to develop a number of attractions that revolve around the film Avatar (and most likely its upcoming two sequels), all of which will live inside Disney's Animal Kingdom park in Orlando, Florida. Construction won't begin until 2013, as they're just beginning to develop it now.
No word on what we should expect to find in "Avatar Land," though we imagine one thing they'll probably plan on doing is some sort of "experience" (be it a ride or a theater attraction) that simulates what it's like to go from being a human to being a Na'Vi, just like they do in the film. Disney folk are comparing it to the 12-acre Cars Land in California, just to give you an idea of how large it will be. Other things we'll most likely find is a lot of Pandora plants and creatures, and look for Cameron to incorporate elements of his sequels in here, too, as a way to spread the brand around. We don't know whether you'll be required to wear 3D glasses at all times, though it wouldn't surprise us to see several attractions utilize the technology.
Is this something you get behind, or do you look at this as just another way to milk money out of the popular franchise? After all, this isn't the first popular film to have an attraction of some variety at a theme park. Others include Star Wars, Back to the Future, Indiana Jones and more, so before you hop on the "James Cameron is a theme park whore" bandwagon, you can't say something like this wasn't expected. Plus, it gives fans (and based on box office receipts, there's a lot of them) a chance to interact with a world they truly enjoyed. We say more power to ya Disney!