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No evidence for "soon". Expected to be an M5 sometime, but maybe not.


If it is time to upgrade, do it.
 
It's probably going to be a while before a new iMac debuts (maybe around June and the WWDC?).

I'd suggest you take a look at the m4 and m4pro Mini lineups...
 
Apple will likely refresh it with M5 at some point in 2026. But there are currently no legitimate rumors/indicators as to when, which signals that refresh likely not taking place until toward the end of the year at the earliest. So if you're in the market for an iMac now is still a very good time to get one.
 
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