Though rumors of coming 50MP DSLRs from Canon have been floating around for a year or more, it's now looking more likely that we will see some sort of announcement soon. Possibly this week (first week of February 2015).
The current "best guess" is that there will be two similar 50MP DSLRs at the 5D level (rather than the 1D level), one with a low pass filter in front of the sensor and one without. Nikon have already done this at the 36MP sensor level with their D800 and D800E, so that wouldn't be a surprise. Canon also tend to try out technology on their "prosumer" camera lines (like the 5D series) before using it on their high end flagship EOS-1 series bodies.
Leaked, or at least suggested, specifications include:
The maximum "normal" ISO of 6400 seems a little low, but it's been suggested that this is due to the use of a new (stringer) color filter which could lead to more accurate colors.
Does anyone need 50MP? Well, the answer is probably yes, somebody does, but most people don't. To get the full benefit of a 50MP sensor will need the best lenses at their best aperture and the camera on a tripod. Better color might be useful for some, but I can't say I've ever been concerned about the color accuracy of current EOS DSLRs. While 50MP sounds a lot (and it is) the pixel density is still only about the same as current cameras like the EOS 7D. A 50.6MP sensor cropped to APS-C would have 19.8MP (the 7D MkII and 70D have 20.2MP).
Probably the biggest driving force behind a 50MP full frame camera from Canon is the fact that Nikon have a 36MP full frame camera! I'm pretty sure Canon didn't enjoy not being "king of the hill" when it comes to MP count.
There's also rumored to be a Canon EF 11-24/4L USM zoom on the way (no IS) and a third version of Canon's mirrorless camera line, the M3. When it comes to mirrorless cameras, I think Canon have already conceded the high ground to Sony.