Sources speaking to Sam Mobile have confirmed as much, but the update could take up to a month to roll out to devices across all regions. Hopefully we'll have it in time for Christmas though.
Networks can delay rollouts further, as they do their own checks on the new software, so there's always a chance it's not released for your phone until early 2015.
Android Lollipop was revealed earlier in the year but only got its official name this month. It'll bring a new, flatter design, as well as Project Vault which should give batteries a major improvement.
- Everything you need to know about Android Lollipop