Canon is rumored to be working on a new 50mm prime lens with a maximum aperture of f/1.2. The EF 50mm f/1.2L II lens is expected to be announced in late 2015.
Canon is said to be on the verge of introducing several new bright prime lenses in near future. As mentioned here before, new lenses will be the EF 35mm f/1.4L II and the EF 50mm f/1.8 STM.
According to latest Canon rumors, a redesign of the EF 50mm f/1.2L is under way too. The new design will include a floating element like the EF 85 f/1.2L II and get rid of the focus shift problem.
Canon EF 50mm f/1.2L II lens rumored to be announced in late 2015
Canon will replace the EF 50mm f/1.2L USM prime lens with the Mark II version but this lens will come after Canon’s next prime L lens which is looking like a 35mm f/1.4 replacement. So the Canon EF 50mm f/1.2L II lens would be coming by the end of this year or in early 2016.
Currently the price of the EF 50mm f/1.2L lens is around $1,500. The bright prime optic is a high-end lens and the new Canon EF 50mm f/1.2L II version will probably have a very high price tag too.