They're still not calling the next car "Aveo", but this press release pretty much confirms that the 1.4 will be in the car in North America:
source: GM Investing $162 Million to Increase Production of Chevy Volt’s 4-Cylinder EngineThis engine is the 4-cylinder 1.4 L ecotec model that serves both as the generator for the Chevy Volt and in a turbo-charged form for the Chevrolet Cruze compact car.
With the announcement GM also disclosed this engine will serve in a future Chevrolet small car the company apparently hasn’t yet unveiled.
“This is the replacement for the Aveo,” GM spokesperson Pat Morrissey told GM-Volt. “It will be built at the Orion plant.”
Unnamed and unseen, we still don’t know when we will find out more about this car. It is not the Spark that one time GM had planned for US launch. ”We have not discussed reveal timing for this product,” said Morrissey.