Gary Illyes, a Google webmaster Trands Analyst proclaims on social media (twitter) that he expects the release of the Penguin update before the end of this year.
The algorithm of the new version (Penguin 4.0) will update continuously in real time. Definite release dates for Penguin updates after the upcoming release of Penguin 4.0 is yet not specified. The new Penguin version 4.0 will have a better impact on the spammy links detected by Google. But when those spammy links are removed and Google’s indexer picks up on that, the sites will no longer be impacted by Penguin.
We will let you know, as further announcements about Google Penguin are released.
Source: Search Engine Land