Short answer
No. The Prophet (ﷺ) did not say there would be no prophet with a new law. He said there would be no prophet after him, and in another report, no messenger and no prophet. He also gave a clear example. He told Ali that he stood to him as Aaron stood to Moses, with one exception: there is no prophet after him. Aaron was a prophet who brought no new law and helped Moses with his. So that kind of prophet is ruled out too. Ahmadi readers hold that a prophet who follows Muhammad (ﷺ) may still come. This page shows what the verses and sayings say.
Full explanation
The Prophet's (ﷺ) words have no exception
The Prophet (ﷺ) said that the Israelites were led by prophets, and each time one died another took his place. Then he said there will be no prophet after him, but there will be caliphs. He did not add "unless he brings no new law". Another report says that messengership and prophethood have both come to an end, so there is no messenger after him and no prophet. The people were troubled, and he told them what remains: good dreams. He also foretold that thirty people would claim to be prophets. In Bukhari the warning is the same: about thirty, each claiming to be the messenger of Allah (﷾). In Abu Dawud and Tirmidhi he placed his answer in the same sentence. He is the Seal of the Prophets, and, in his own explanation of the title, there is no prophet after him.
Abu Hurayra reports that the Prophet (ﷺ) said the Israelites were led by prophets, and whenever one died another took his place. But there will be no prophet after me, he said; there will be caliphs, and many of them.
Anas ibn Malik reports that the Prophet (ﷺ) said that messengership and prophethood have come to an end, so there will be no messenger after him and no prophet. The people were troubled, so he said: but there will be mubashshirat. He explained that these are the dreams of the Muslim, a portion of the portions of prophethood.
Abu Hurayra reports that the Prophet (ﷺ) said the Hour will not come until two groups with the same claim fight each other with great losses, and until about thirty liars appear, every one of them claiming to be a messenger of Allah.
Abu Hurayra reports the Prophet's (ﷺ) list of what must happen before the Hour: two great groups with the same claim will fight with heavy losses; about thirty liars will appear, each claiming to be the Messenger of Allah; religious knowledge will be taken away; earthquakes will increase; time will pass quickly; trials will appear; killing will increase; wealth will be so plentiful that the rich worry no one will accept their zakah; people will compete in raising high buildings; a man passing a grave will wish he were in it; and the sun will rise from the west.
Thawban reports that the Prophet (ﷺ) said there would be thirty false claimants in his community, each claiming to be a prophet, while he is the Seal of the Prophets (khatam al-nabiyyin): there is no prophet after him.
Thawban reports the Prophet (ﷺ) describing what lies ahead for his community. He said there would be thirty false claimants among his people, each saying he is a prophet, while he is the Seal of the Prophets and there is no prophet after him. A group of his people, he added, would stay on the truth until Allah's command comes.
Aaron: a prophet with no new law
The Qur'an calls Aaron a prophet. Moses asked Allah (﷾) for him as a helper, to add to his strength and share his task. Aaron's work was to help Moses with his mission, not to bring a mission of his own. Allah (﷾) gave Moses and Aaron the Criterion together (21:48). The Qur'an names no separate book for Aaron. The Prophet (ﷺ) once left Ali in charge at Medina. He asked whether Ali would not be content to stand to him as Aaron stood to Moses. Then he added one exception: there is no prophet after him. His words are general. He did not say only that Ali would not be a prophet. Muslim records the same words. The one thing Ali does not share with Aaron is prophethood itself. So the kind of prophet Aaron was, one who serves an existing law, is ruled out as well.
“And, out of Our Mercy, We gave him his brother Aaron, (also) a prophet.”
“"And give me a Minister from my family, "Aaron, my brother; "Add to my strength through him, "And make him share my task: "That we may celebrate Thy praise without stint, "And remember Thee without stint: "For Thou art He that (ever) regardeth us." (Allah) said: "Granted is thy prayer, O Moses!"”
“In the past We granted to Moses and Aaron the criterion (for judgment), and a Light and a Message for those who would do right,-”
Sa'd ibn Abi Waqqas reports that the Prophet (ﷺ) set out for Tabuk and left Ali in charge at Medina. Ali asked whether he was being left with the children and women. The Prophet asked whether he would not be pleased to stand to him as Aaron stood to Moses, with this exception: there is no prophet after me.
Sa'd ibn Abi Waqqas reports the same words in several versions. The Prophet (ﷺ) told Ali that he stood to him as Aaron stood to Moses, with the exception that there is no prophet after him. One version gives the occasion as the expedition to Tabuk, and one says there is no prophethood after him.
How the Companions understood it
Ibn Abi Awfa, a Companion, was asked about the Prophet's (ﷺ) infant son Ibrahim. He said that if a prophet were due after Muhammad (ﷺ), the boy would have lived. He added: there is no prophet after him. He spoke of any prophet, not only one with a law. Ibn Kathir (d. 1373) reasons the same way about the Seal of the Prophets: if there is no prophet, there is no messenger. Al-Qurtubi quotes Ibn Atiyya that the scholars of the community, earlier and later, took the words in full generality: no prophet after him.
Isma'il ibn Abi Khalid asked the Companion Abdullah ibn Abi Awfa whether he had seen Ibrahim, the Prophet's (ﷺ) son. He said the child died young, and that if it had been decreed that a prophet should come after Muhammad (ﷺ), his son would have lived; but there is no prophet after him.
Ibn Kathir explains that the verse forbids calling Zayd "son of Muhammad", since the Prophet (ﷺ) was not the father of any of the men. On "the Seal of the Prophets" he says the verse is explicit that there is no prophet after him. If there is no prophet after him, there is no messenger either, since every messenger is a prophet and not the other way round. He adds that the reports of this are mutawatir, from a group of Companions, and gives the hadith of the missing brick and the hadith of Anas.
Al-Qurtubi records that Asim alone read khatam, meaning that the prophets were sealed by him, so that he is like the seal and stamp upon them. Most read khatim, meaning that he sealed them, and came last of them. He quotes Ibn Atiyya: the scholars of the community, earlier and later, take these words in full generality, as a text that there is no prophet after him. He also gives Muslim's reports of the brick hadith, including "I came and sealed the prophets".
The prophet who returns was sent before
The Prophet (ﷺ) said there was no prophet between him and Jesus. Jesus was sent before Muhammad (ﷺ). When he returns, he comes as a follower. He does not lose his prophethood, which Allah (﷾) gave him before Muhammad (ﷺ). No one is made a prophet after Muhammad (ﷺ), and Jesus follows his law. A narrator of the hadith explains that he will lead by the Book of their Lord and the Sunnah of their Prophet. He brings no new law. So no prophet is being sent after Muhammad (ﷺ). The next pages look at this in full.
Abu Hurayra reports that the Prophet (ﷺ) said he was the nearest of all people to the son of Mary. The prophets are brothers with one father, he said, and there was no prophet between him and Jesus.
In 155a Abu Huraira reports that the Prophet (ﷺ) swore the son of Mary will soon descend as a just judge, break the cross, kill the swine and end the jizya. In 155f the Prophet asks how it will be when the son of Mary descends and leads the Muslims as one of them; the narrator Ibn Abi Dhi'b explains that he will lead them by the Book of their Lord and the Sunnah of their Prophet.
What the Ahmadi view says
Ahmadis teach that Muhammad (ﷺ) is the last prophet who brings a law. They hold that a prophet who brings no new law, and follows his, may still come. Mirza Ghulam Ahmad wrote that he was a prophet in one respect and an ummati, a follower of the Prophet, in another. The question here is narrow. Do the Prophet's own words leave room for such a prophet?
Mirza Ghulam Ahmad writes that in Barahin-e-Ahmadiyya he wrote that Jesus, son of Mary, would descend from heaven, because a body of Muslims held that belief and he held it too. Later, he writes, revelations led him to say that he himself was the Messiah who was to come. On p. 184 he writes that the title Prophet was bestowed on him with the proviso that he is a prophet in one aspect and an ummati (follower of the Prophet (ﷺ)) in another.
Mirza Ghulam Ahmad writes that Muhammad (ﷺ) became Khatamul-Anbiya' (the Seal of the Prophets) in the sense that he possesses the seal without whose attestation no grace reaches anyone. He writes that independent prophethood has ended with the Prophet, but that prophethood by way of zill (reflection), received purely through obedience to him, will last until the Day of Judgment. He also writes that for his ummah the door of converse and communion with the Divine will never be closed until the Day of Judgment.
The prayer in al-Fatiha and 4:69
Ahmadi writing reads the prayer in al-Fatiha, "the way of those on whom Thou hast bestowed Thy Grace", together with 4:69. That verse names them: the prophets, the sincere, the witnesses and the righteous. The reading is that followers can reach the rank of prophet. Some ranks in this verse are reached by effort. A believer can become truthful, a martyr or righteous. Prophethood is not one of them. Allah (﷾) chooses His messengers (22:75), and He knows best where to place His message (6:124). No one earns it by obedience. The verse promises the obedient the company of all four groups. The Prophet (ﷺ), himself a prophet, recited it in his last illness as a wish to be with them. The prayer asks to walk their way, not to hold their office.
“Show us the straight way, The way of those on whom Thou hast bestowed Thy Grace, those whose (portion) is not wrath, and who go not astray.”
“All who obey Allah and the messenger are in the company of those on whom is the Grace of Allah,- of the prophets (who teach), the sincere (lovers of Truth), the witnesses (who testify), and the Righteous (who do good): Ah! what a beautiful fellowship!”
“Allah chooses messengers from angels and from men for Allah is He Who hears and sees (all things).”
“Allah knoweth best where (and how) to carry out His mission.”
Aisha reports that the Prophet (ﷺ) used to say that no prophet falls ill without being offered the choice between this world and the next. In his final illness, with his voice hoarse, she heard him recite the verse about being in the company of those Allah has favoured: the prophets, the sincere, the martyrs and the righteous (4:69). She understood from this that he had been given the choice.
"Messengers from amongst you" (7:35)
The community also cites 7:35, "whenever there come to you messengers from amongst you". The same Arabic words (imma ya'tiyannakum) were said when Adam and his wife were sent down to earth with Iblis (2:38, 20:123). Ibn Kathir explains the guidance promised there as the prophets and messengers to come. Verse 7:35 is part of that address to the children of Adam. It states how Allah (﷾) has guided mankind across history. That line of messengers ended with the Seal of the Prophets (33:40).
“O ye Children of Adam! whenever there come to you messengers from amongst you, rehearsing My signs unto you,- those who are righteous and mend (their lives),- on them shall be no fear nor shall they grieve.”
“We said: "Get ye down all from here; and if, as is sure, there comes to you Guidance from me, whosoever follows My guidance, on them shall be no fear, nor shall they grieve.”
“He said: "Get ye down, both of you,- all together, from the Garden, with enmity one to another: but if, as is sure, there comes to you Guidance from Me, whosoever follows My Guidance, will not lose his way, nor fall into misery.”
Ibn Kathir says Allah warned Adam, his wife and Iblis, and through them their descendants, that He would send down books and send prophets and messengers. He gives Abu al-'Aliya: the guidance is the prophets, the messengers and the clear explanation. He adds that Ta-Ha 20:123 says the same.
“Muhammad is not the father of any of your men, but (he is) the Messenger of Allah, and the Seal of the Prophets: and Allah has full knowledge of all things.”
The covenant of the prophets
The fourth head of the Ahmadi community names 3:81 as his first proof. In it Allah (﷾) takes a covenant from the prophets: if a messenger comes confirming what they have, they must believe in him and help him. Ibn Kathir explains that this covenant was taken from every prophet from Adam to Jesus. Ibn Abbas, as al-Tabari records, says it was to believe in Muhammad (ﷺ) when he came. The fourth head adds 33:8, which is 33:7 here, the covenant taken from Muhammad (ﷺ) himself. It is to deliver the message and help one another. Ibn Kathir notes that the verse names him first, as the Seal. None of this mentions a prophet after him.
“Behold! Allah took the covenant of the prophets, saying: "I give you a Book and Wisdom; then comes to you a messenger, confirming what is with you; do ye believe in him and render him help." Allah said: "Do ye agree, and take this my Covenant as binding on you?" They said: "We agree." He said: "Then bear witness, and I am with you among the witnesses."”
Ibn Kathir explains that Allah took the covenant of every prophet He sent, from Adam to Jesus: whatever book and wisdom one of them was given, if a messenger came after him, he must believe in him and help him. Nothing the prophet already knew was to stop him from following the one sent after him. He reports Ibn Abbas, Mujahid, al-Rabi, Qatada and al-Suddi that "my burden" means "my covenant".
Al-Tabari records Ibn Abbas on the covenant: Allah mentioned what He took from the People of the Book and from their prophets, that they would believe in Muhammad (ﷺ) when he came to them. He also records the view that the covenant was taken from the prophets to confirm one another. His own judgment is that it covers both: Allah took the covenant of His prophets, and each prophet took the same covenant from his people.
Ibn Kathir says Allah took from the five great messengers, and from the other prophets, a covenant to establish Allah's religion, to deliver His message, and to help and agree with one another, as in 3:81. He notes that the verse names Muhammad (ﷺ) first, "the Seal", because of his honour, and then the others in the order of their time.
Perspectives
The Ahmadi view
Ahmadis hold that Muhammad (ﷺ) is the last prophet who brings a law. They hold that a prophet who brings no new law, and follows him, may still come. They read the Qur'an and the hadith as leaving that door open.
Muhammad (ﷺ) is the last law-bearing prophet. A prophet who brings no new law, and follows his, may still come.
Rebuttal
Aaron brought no new law, yet when the Prophet (ﷺ) likened Ali to Aaron, he made one exception: there is no prophet after him. He did not say only that Ali would not be a prophet. He also said there is no messenger after him and no prophet.
"No prophet after me" means no prophet directly after him, since Jesus will come later.
Rebuttal
In Bukhari 3455 the Israelites' prophets followed one another, but after him come caliphs, not prophets. In another report he foretold false claimants before the Hour, long after his time. He answered in the same breath: there is no prophet after me. So "after me" covers all the time until the Hour. One version of his words to Ali says: there is no prophethood after me. Jesus was sent before him.
Muslim's long report calls Jesus a prophet of Allah four times, so a prophet can come after Muhammad (ﷺ).
Rebuttal
Jesus is a prophet already sent, and the Prophet (ﷺ) said no prophet came between himself and Jesus. He keeps the prophethood he was given, and he returns as a follower. A narrator explains that he leads by the Book of the Muslims' Lord and the Sunnah of their Prophet. He brings no new law.
The prayer in al-Fatiha and 4:69 show that the blessing of prophethood is still open to followers.
Rebuttal
Some ranks in this verse are reached by effort: a believer can become truthful, a martyr or righteous. Prophethood is not one of them. Allah (﷾) chooses His messengers (22:75), and He knows best where to place His message (6:124). No one earns it by obedience. The verse promises the obedient the company of all four groups. The Prophet (ﷺ), himself a prophet, recited it in his last illness as a wish to be with them.
Verse 7:35, "whenever there come to you messengers from amongst you", shows that messengers can still come.
Rebuttal
The same Arabic words (imma ya'tiyannakum) were said when Adam and his wife were sent down to earth with Iblis (2:38, 20:123). Ibn Kathir explains the guidance promised there as the prophets and messengers to come. Verse 7:35 is part of that address to the children of Adam. It states how Allah (﷾) has guided mankind across history, and that line of messengers ended with the Seal of the Prophets (33:40).
The covenant of the prophets in 3:81 shows that another prophet was to come after Muhammad (ﷺ).
Rebuttal
Ibn Kathir reads 3:81 as the covenant of every prophet from Adam to Jesus. Ibn Abbas says it was to believe in Muhammad (ﷺ) when he came. The covenant taken from Muhammad (ﷺ) in 33:7 names no later prophet.
A report says that had the Prophet's (ﷺ) son Ibrahim lived, he would have been a true prophet.
Rebuttal
That report in Ibn Majah (no. 1511) is graded weak (Darussalam, on sunnah.com). Even as worded, it is an "if", and the boy did not live. Ibn Abi Awfa was asked about the child and said the opposite: there is no prophet after Muhammad (ﷺ). Bukhari records it.
The Islamic perspective
The Prophet (ﷺ) said there is no prophet after him, and no messenger. He drew no line between prophets with a new law and prophets without one, and Aaron's case shows that both kinds are ruled out.
The Prophet (ﷺ) said there will be no prophet after him, and no messenger and no prophet.
He told Ali he was to him as Aaron to Moses, except that there is no prophet after him.
Aaron was a prophet who helped Moses and brought no mission of his own.
He foretold that people would claim prophethood. In the same sentence he answered that he is the Seal of the Prophets.
The Companion Ibn Abi Awfa said that had a prophet been due after Muhammad (ﷺ), his son would have lived.
Jesus, who will return, was sent before Muhammad (ﷺ), keeps his prophethood and comes as a follower.