Oh, i have felling they will remember it, once I am old and gray...
If it will be, it will start new story with new characters new villain and stuff. The new era of in circle of life. Ant it will be about new great kings of future.

Unfortunately for us fans, I doubt that there will be another film in the series.
As Seth2208 has said, all conflicts have been covered and there would be nothing to write about unless new characters (such as Kovu and Kiara's cubs) were introduced.
There may be a sequel if Disney finds time and money, but I find it highly unlikely.

Also, why do you think it would be titled "Zira's Revenge"?
Zira is most likely dead, as she fell into the river at the end of TLK2.
There are a few different roads that Disney could take, but I have a feeling that, sadly, they are busy with newer films.

Why would they call it Zira's Return?

As much as some of us would love to see next TLK movie, Disney decided to pull the plug and not make more. Beside that too much movies in too short period of time, can make more harm than good. And that would be only stretching plot in infinity. TLK 2 give us solid conclusion on story and all problems left after Scars region were dealt with, pride is one again and Simba finally let go of old resentment and so on happy ending. If they will ever return to TLK universe, I believe it is more likely they will make remake of original or, something entirely fresh. But that will not be anytime soon. Maybe in next few decades.