Definitely.I doubt that Canon has even started to spec out the 7D II in any serious way. It's at least a year and two other models (5D and 1Ds) away from being released.You forgot the 650D, probably 700D, 70D and maybe even 1D Mk5 if they decide not to merge lines (7D was out just before 1D Mk4 was).
I expect that they have it pretty well planned out, but I do not think anyone outside a very few at Canon are privy to the plan. Many camera parts are long lead time, so you need to have a model planned a year before you plan to introduce it. That does not mean everything is cast in stone, but, if they do not know what sensor, LCD, processor, etc they plan to use, it will be more than a year off. you do not just decide these things and a week later cameras start rolling down the production line, all the prototyping, tooling, testing, etc take much longer than many think.
The development of a new sensor or a new body start before the release of the previous one! If 1DsIV will be released this summer, expect Canon to already start thinking about 1DsmV, what to change and improve, explore different options, etc... Such high grade camera is specced out maybe 1 year before release. Then start software development and debugging, real life testing, etc...
R&D is a very long process barely understood by many people.