A new rumor flashed over the web that a new 50mm lens will be announced soon. By the way, it’s still unclear if this new 50mm lens will replace f/1.4 version or the f/1.2L version.
However, between this f/1.4 version and f/1.2L version, the possible lens to be replaced is the older f/1.4. Also, according to the rumor the EF 50mm f/1.2L will be updated soon and would really benefit from a floating element design.
Via- Canon rumors