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*UPDATE*
“Soon” is always a relative term and we're now not expecting such a lens to be announced in 2016.
We're told that Canon will announce a replacement to the EF 50mm f/1.4 “soon”. This is an oft rumored lens for replacement and there's no doubt there has been ongoing development for such a lens.
We're told that the replacement for the EF 50mm f/1.4 will not have IS, will still be f/1.4, and have ring type USM, instead of the new macro USM we've seen in the new EF-S 18-135 IS.
Take this with a grain of salt for the time being, as it comes from an unknown source. If we can confirm or deny this information from a known source, we'll update this post.
