We got latest intel from the camera source about the new Canon EOS M series.
The Canon EOS M5 Mark II (lineup) might be announced by the company later this year, in October 2020. Along with the EOS M5 Mark II, Canon Inc. likely would also announce an EF-M 52mm f/2 STM lens and an EF-M 18-45mm f/2-4 IS STM lens (proactively a new kit lens). In my assumption the EOS M5 Mark II should have IBIS and 4K video.
The camera source also shared little bits about the Canon EOS M60, the replacement for the EOS M50, and a EF-M 100-300mm f/5.6-8mm IS STM lens. Both lens and camera might be announced in year 2021.Wait and tune for the updates.