Stephen Amell announced on his Twitter feed that Arrow will be returning for its final season next fall, with a ten-episode run.
It’s been a great ride with some hits (Seasons 1 and 2) and some misses (Season 4). I feel that this current season, once Oliver got out of prison, has been meandering along, directionless, without even a Big Bad to give everyone some focus. So it seems like a great time to end it. The rest of the Arrowverse will continue on. There is even a new show, Batwoman, waiting in the wings to take on the dark-and-gritty mantle.
My prediction for the finale: The last crossover had Oliver making some sort of vow or promise to the Monitor in order to save Kara and Barry. The next crossover, as previously announced, will be “Crisis on Infinite Earth”, and will have the Monitor demanding Oliver make good on that promise.