Yes, AREXX is going to be replaced - or rather, AREXX will stay in its current form, and a new scripting language will be brought in.
This is not only because of ownership considerations. There are other things, mostly the fact that the AREXX implementation is very sensitive with its internal data structures which are accessed by some function located in linker libraries - meaning that any change in internal structures will break the whole thing.
As such, AREXX will stay for backwards compatibility but people are encouraged to use something new - most likely Python, but we are looking at other alternatives.