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"Everyone is expected to return for Season 8 except Michael Rosenbaum [Lex Luthor] and Kristen Kreuk [Lana Lang]. Sources close to the show tell me that both actors have informed producers that they don't intend to return as series regulars next season. However, they are open to doing limited engagements, and those details are being worked out as we speak."
"Now that Smallville is officially picked up for an eighth season, negotiations will begin with Allison Mack and Michael Rosenbaum, both of whom had contracts which end with Season Seven. No official deals have been signed for them as of yet. Kristin Kreuk will be back for at least part of Season Eight. Tom Welling, Aaron Ashmore, Laura Vandervoort, Erica Durance, and John Glover are all still signed and expected to return for the show's eighth year."
From SpoilerFix.com
I sooo hope that the KK related news are true. I know that we will never ever get a season 8 without her. But the less she's in the episodes the better IMO.
I hope that Allison Mack will remain a regular.
And I'm hoping for some Green Arrow - episodes in Season 8 ^_^