According to the latest rumors surfaced via Camera Beta weibo ( Chinese social media page name), take a look at the part of the translated text
Recently, the news of Panasonic’s new camera “LUMIX S5 Mark II” has begun to spread. And we just got some new information. The S5 series seems to go with two lines, and the Mark II that appears this time is positioned and priced higher than the current model, and may be a high-end route (replacing the S1).
The update of the LUMIX S1, which has been out for some time, should be the top priority, and according to the information, it is scheduled to be released in Q3 2023.
the latest rumors Panasonic S5 Mark II Camera will arrive in Q3 of 2023. The New camera will carry a higher price tag than the existing Panasonic S5 [B&H Store | Amazon] , OR WE CAN ALSO SAY the upcoming camera will have a price similar to Panasonic S1 (or Sony A7 IV or Canon R6 Mark II). It looks logical and is not a surprise, yes we can expect a higher price tag if Panasonic S5 Mark II carries a Hybrid Sensor and class-leading video core specs.
We will post an update soon if we get more information about this
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via asobinet.com