Reading the wording in the quotes Danny Sullivan got from both Twitter and Google, it certainly doesn’t seem like either side is in any hurry to get a new deal done (the fact that it expired at all should tell you that too). In fact, it sounds like there might never be a new deal. Or, at least, if they do a new deal, it will be significantly different than the old one.
Given that the deal was a revenue generator for Twitter, you’d have to assume Google walked away, right? Did Twitter want too much money? Or did Google just determine they could get the data they need from Twitter’s public data? Or is this some sort of leverage to get Twitter to play nicely with Google+? You’ll recall that realtime tweets never worked as well on Buzz as they used to on FriendFeed.
Also note: the Bing deal (which was signed the same day as the Twitter deal) remains intact.