Hell Yeah!
The R7 is clearly not the best Canon could have built in terms of mirrorless APS-C. The 32,5MP Sensor is actually taken from the 90D and has a slow readout. The lack of a vertical grip mount is one of the top three reasons people do not like her that much. And it makes sense - a flagship camera needs the ability for accessories like a battery grip.
So if they want to attack Fuji's XT-5 with a fast 40MP sensor, they need to develop it. My guess on realistic specs for the R7 II:
35-40MP stacked BSI Sensor (much faster readout, better low-light performance)
15 fps mechanical
40-50 fps electronic
newest AF (what a surprise)
6K @ 60fps
4K @ 120fps (crop)
up to 4K @ 60fps oversampled from 6-7K
1080p @ 180/240 fps (?)
6 to 8 stops IBIS
new multiangle LCD, like it is likely to come on the R5 II (same size, same resolution)
most likely a new processor: DIGIC X II /DIGIC XI
hopefully we get a successor to the EF-S 17-55mm f2.8 IS USM (--> RF-S 16-60mm f2.8 IS USM)
a better EVF, 4-6MP
ISO down to 50/64?
if there will be no R7C comming, then the R7 II gets:
RAW Video (10/12-bit Video)
8K capabilites (yes, we need at least 38MP for that)
Canon Log 2 and 3
Dual ISO (100/1600)
hopefully a full HDMI output
An announcement would be plausible between April and September, with a market start between June and October.
As said, these are my more or less realistic guesses. Let me know your thoughts on to this.
A personal note: I use a 77D and a 90D with 17-55mm f2.8 and 70-200mm f2.8. My step into the mirrorless system would be the R7, but the lack of a battery grip and the slower sensor gives me hope for a R7 II this year... INCLUDING a fast zoom lense for APS-C, but we will see. If not lets hope that Sigma gives us the acess to their lenses for RF/RF-S