Disney has confirmed earlier rumors that Luigi's Flying Tires in Cars Land will close on February 17, 2015. The attraction will be reworked, possibly into a trackless interactive ride system, and will reopen in "early 2016".
Note: March 1st is a placeholder, actual opening date has not yet been announced.
In July 2015 Disney released the following description for Luigi's Rollickin' Roadsters, the replacement attraction for Luigi's Flying Tires:
Luigi has invited all of his cugini (cousins) from his hometown of Carsoli, Italy, to visit his Casa della Tires. To help celebrate Race Day in Radiator Springs, they will demonstrate the dances of their village with Cars Land guests when the all-new Luigi’s Rollickin’ Roadsters opens early next year.