JAKKS Pacific has announced it has notified World Wrestling Entertainment, Inc. that the joint venture between THQ and JAKKS intends to exercise its option to renew the WWE video game license for an additional five year term, ending December 31, 2014.

The licensing agreement would otherwise expire on December 31, 2009.

Separately, THQ has commenced a lawsuit in California Superior Court, LA County, claiming it was not ready to make a decision with respect to renewal of the WWE video game license.

WWE Smackdown vs Raw 2010 will be out later this year, but will we see a WWE game from THQ the following year?