Two of Canon's most popular and venerable lenses are in for an upgrade. The EF 50mm f/1.4 and EF 70-200mm f/4L IS glass were announced back in 1993 and 2006 respectively.
The new lens will feature the latest coatings, fluorite elements and technologies but the 50mm will not have IS. I expect the announcement dates to be very late 2017 or early 2018. Canon has its hands full this year with new product announcements. See what new camera gear to expect from them this year. Keep checking back for the latest info on the expected replacements.