Yes!
I hesitate to use the word, but there is definitely a market for this. There's no in game events or in game experiences, no comics and no novels that are directly related to the world and story of Valoran and that's a shame. An animated series would be perfect.
To kick of the discussion here's a few things I've thought of over the past year or so regarding this subject.
Which champions would get the most story time?
I'm deeply afraid that the more "human" characters like Garen and Jarvan would see more screen time than other far more interesting champions because for some reason writers of fantasy fiction always tend to gravitate to those kinds of characters. The reasons given are usually about them being easy to relate to and blah blah blah.
How rich and complex will the story be?
I'm tired of good guy vs bad guy story arcs. Would Demacia be the default "good guys"? I think that would ruin it for me. I want nuance, I want flawed characters. To quote Tina Turner, "We don't need another hero."
Yordles, can we please take them a little seriously? Also, humor is a must
So yeah the bad asses of Bandle City, they can't all be comic relief or you might as well just throw Jar Jar Binks in for good measure. However I want to be clear, I would very much love to see humor in this hypothetical show. In fact one of the things I love about Riot is they do have a sense of humor. I'd just like to see Yordles have as rich and diverse of personalities and story lines as the rest of the champions.
Basically, no pandering. For the love of god, don't do it.
Where would summoners fit in?
If the show heavily focuses on the League's champions, would that leave room for the summoners? Or would this actually mean the champions should take a back seat to the summoners? This is perhaps the most difficult problem a show would have to tackle.
The champions all have personalities and fans already. We're the summoners when we play, so how would that work out in an animated series? Would summoners be shadowy figures that are never seen? Or would their conflicts be the center of the story? I'm not sure I have an answer to that.