Courtesy of sportygirl at TWoP:

So my sources tell me that Ausiello is correct and that the show WILL be coming back for an 8th Season. There will be a pick up for 22 episodes, but Lauren and Alexis will have the right to opt out after 13 episodes (which, if they do opt out, means that most likely the CW would have the right to cut back its order from Warner Bros. because who wants a show without the girls?). Also, DR will be back as showrunner, despite the concensus being that he has not done a great job this year (big fat "duh" on that one).