Hi, Anirudha,
I have checked the the following link:
Audio CODEC|NXP
The state of the chip is "Active", which means that customer can order it via distributor or Buy directly now. The SGTL5000 is Freescale only codec, there is not replacement, because it's longevity is 10 year, now it almost reaches 10 year, so it is not recommended in new design. But we can not give you a date when it will discontinue.
BR
Xiangjun Rong