Right before CD Projekt RED held its most recent strategy update, fans believed that it had plans to showcase the next-gen update for The Witcher 3: Wild Hunt. Unfortunately, CDPR had other, if not better, plans.
Technically, CDPR did acknowledge the new-gen port of The Witcher 3: Wild Hunt.
According to CDPR, the next-gen versions of The Witcher 3 aren't coming today or anytime soon, but the studio did reaffirm that they're still planned to come out this year.
CDPR unveiled the PS5 and Xbox Series S/X version of The Witcher 3 two years ago. Since then, the Polish studio has pushed back its release date "indefinitely" after it had moved the development in-house. Although CDPR did not give a release window for The Witcher 3 on the latest flagship consoles, we can only assume that it's targeting a Q4 launch.
If nothing else, the latest release for The Witcher 3 on the PS5 and XSX would be next year. Otherwise, there'd be no use.