The short answer is, nobody knows.
The longer answer is, probably not. The Air was not updated with the latest tech earlier this year. Some think it will get Skylake. I'm doubtful - I think it will continue to be sold as-is for another couple of years as the entry-level model.
The other possibility though is that something Air-like will be released sometime in the next 2-6 months - either a slightly bigger Macbook, or a further slimmed down Pro. It's all speculation right now though.