The Nintendo Switch is already six years old at this point and so far the only hardware upgrade was a version with an OLED display. An insider believes that the current generation will be getting another upgrade - but it is not what fans expect.

We have heard numerous rumors over the years regarding the successor to the current generation Nintendo Switch. There has been speculation that Nintendo plans to release a Switch Pro, while others think that it would be a bigger upgrade to the "Switch 2".
Jeff Grubb, a highly reliable Nintendo Insider, revealed in a podcast that the Switch may be getting a mid-generation update, but no eventual successor. Grubb has amassed a huge following on social media for his insider knowledge of unannounced and in-development games. The insider correctly predicted the week of most Nintendo Direct presentations and some of the featured games.
On the most recent episode of the Kinda Funny Daily podcast, Grubb revealed that the next update to the best-selling console will not be a Pro or next-generation version. He adds that while the next Switch version will be getting a hardware update, it won't be one that merits being called a Pro or Next-Gen version.
"It's still on the table that we get something – not Pro, maybe not even necessarily something like Switch 2. Maybe something like in between that's definitely an actual upgrade in terms of hardware. But in terms of the way that Nintendo positions it, it feels like they could try to straddle the line a little bit and do a 'Super Switch' that continues the generation in a way that's more significant than they've done since the Game Boy Color."
It would make sound business sense for Nintendo to continue with the current generation Switch, as it is one of the best-selling consoles of all time. The handheld console currently ranks third behind Sony’s PlayStation 2 and the Nintendo DS. The Switch has sold over 122 million units since its release.
Nintendo may end up releasing an improved version of the Switch with some hardware upgrades whilst still offering compatibility with current models such as the Switch, Switch OLED, and Switch Lite. This strategy would help Nintendo secure the current handheld market for several more years until it is ready to release a new generation of the console - or something else entirely.
However, this is still pure speculation at this point as Nintendo has not confirmed the development of a new version of the Switch. The company even announced that it may increase the production of the current versions of the handheld console for the year.
It is just a matter of time before we will be getting a new generation Nintendo Switch. As to how soon, only Nintendo knows.