in any direction?
You can add more terrains.
–Eric
This would be a nice feature though, as it is (or should be) possible to do this to a heightmap. You can do it in UDK, for example, without destroying the existing terrain. Probably the best you can do is export the heightmap, import it into something that can read it, then extend it from there and re-import it into a bigger heightmap in Unity.
Or you can generate this extra edge-mesh by script yourself. In most case you don’t want to just extend it - you want to have some low-res terrain on the edges.