Will there be a Pokemon generation 5?

Yes.

The 5th generation region is called the Isshu region. The Isshu starters are Tsutaaja, Pokabu, and Mijumaru. The first games to feature the Isshu region and 5th generation Pokemon is called Pokemon Black and White versions in Japan. Be sure to check out http://www.pokebomb.co.cc/pkmnbandw/ for images and details on all 5th generation information including screenshots and new Pokemon.

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check out these sites' 5th gen pages

http://www.pokebomb.co.cc/pkmnbandw/

http://serebii.net/generation5/

http://bulbapedia.bulbagarden.net/wiki/Generation_V