A few weeks back we shared a crazy rumor that Google could be readying Android 5.0/Jelly Bean for an early summer release. It seemed like a highly unlikely scenario, although there were some fairly logical arguments made in favor of it. Ultimately though, this almost silly speculation has been "put to bed" so to speak. Hiroshi Lockheimer, Vice President of Engineering for Mobile at Google, recently intimated that the release of Jelly Bean will not happen until the fall of 2012 (or later). He further elaborated that the release time for Android 5.0 has not been set in stone yet. Here's a more direct quote from him,
So, there you have it from someone "in the know". This is actually good news. It means that Google has no intention of rushing Android to market, and will instead keep things at a moderate pace. It also means that we could see Android 5.0 this fall."After Android 4 comes 5, and we haven't announced the timing yet, which we're still sorting out. There's a lot of engineering work behind it still, and there's also just the question of how to time it. In general, the Android release cadence is one major release a year with some maintenance releases that are substantial still. Having said that, we're flexible. The [timing of releases] is not what drives us, but what does is innovation and offering users a great experience."
Source: Android.net via PhoneArena