We’re told that Canon is actively working on a new 85L, and we should see a replacement some time before 2016 is over, and possibly for Photokina in September of 2016.
The new 85L will incorporate the blue spectrum refractive element of the recently announced EF 35mm f/1.4L II.
The new lens will be weather sealed, have a new manual focus system, a faster autofocus system as well as being lighter.
Could the new 85L be f/1.4 instead of f/1.2? It’s possible, they went slower moving from the EF 50 f/1.0L to the 50 f/1.2L. Although, having the lens at f/1.2 does give Canon some bragging rights for DSLR lenses.