"Blackmore," a staff member for the TBS broadcaster's official website and BBS on the K-ON! anime, wrote on Friday that there are no current plans for a third season of the anime. The staff member was responding to a BBS poster's question about a third season.
90°
It's pretty likely they will indeed do a 3rd season of the show and could even follow the manga and split it up into 2 shows one following Yui and the band into collage and the other following Azusa and her trying to keep the club alive. The show makes a ton of money and I doubt they would just give up on it out of the blue. They will probably start talking about a 3rd season after the movie gets to DVD and Blu-ray.