A new comprehensive leak from TechnikNews along with some official-looking renders tell an interesting story about Sony's future ANC headphones - the WH-1000XM5.
As you can see from the renders below, there are small but notable changes in the design compared to the older version. The upcoming headphones look somewhat cleaner than their predecessors, have bigger earpads and the headband seems to have a bit more padding. The hinge holding the earpads has been revamped as well. At first glance, those changes will likely contribute to a more comfortable fit.
Sony WH-1000XM5
The power button is now swapped out for a slider-type switch, while the custom button has been replaced with an NC/Ambient button.
Sony WH-1000XM5
As far as specs are concerned, the new iteration will likely deliver up to 40 hours of non-stop playback with ANC turned on, which is 10 hours up from the XM4. Expectedly, the charging time has also increased and the headphones will take 3.5 hours to a full charge.
The source doesn't mention anything about release time frames, unfortunately.
Source (in German)