I know this has been discussed before and there aren't any current plans to extend the canal, other than to link it to the Oklahoma River.
However, the discussion about the need for a large convention hotel got me thinking about what a great enticement a canal extension to the Galleria site would be for a large, up-scale developer -- as well as a fanstastic opportunity to bridge in all the hotels and convention facilities.
To do so would mean a real tourist draw and completely transform the and invigorate the CBD.
Also, the southern end could easily be extended to the east to tie in what is likely to be a very nice and upscale residential area. The current Walnut Grove area has been almost completely procured by Dr. William Canfield, the guy heading The Hill development. No doubt he plans to turn it into more townhouses... It would bring great vitality to the canal to add residences.
Anyway, here's some daydreaming on my part:
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