The Canon EF 85mm f/1.4L IS USM lens is the next L lens to be announced from Canon, this lens has rumored for a long time just as recently announced Canon EOS 6D Mark II (B&H Photo/Amazon/Adorama). Now according to CR, the EF 85mm f/1.4L IS USM lens is rumored to be announced in late August to early September, and the shipping date is in this Fall.
The Canon EF 85mm f/1.4L IS USM lens will not be the replacement of EF 85mm f/1.2L II USM lens or EF 85mm f/1.8 USM lens. This will be a new lens in 85mm lens category.
Canon is also rumored to announce another new lens in 2017, probably in Q4 of 2017. The rumored Canon EOS 7D Mark III is in 2018.