Many expected the G12 to be replaced around the same time as its premium compact stablemate, the S100 made its debut in September last year.
At the beginning of this year however, Canon expanded the G line-up, with the G1X, a larger compact camera which features a large, almost APS-C sized sensor.
Canon said that it was not intended as a replacement for the G12, and that both cameras would be staying in the line-up.
With full manual control and the ability to shoot in raw format, the G series of Canon cameras has proven very popular over the years with enthusiast photographers looking for a back-up to an SLR.
It's also fair to say that the premium compact market has gained rapid pace in the two years since the G12 arrived.
Also on the scene is Fuji, with the X100, a camera which features a APS-C size sensor, but a fixed focal length 23mm (equivalent to 35mm) lens, and the X10, which features a 2/3 inch sensor with a zoom lens.
Few details are known about likely specs of a G12 replacement, but it seems possible Canon could also incorporate a larger sensor and/or a wider aperture lens.
Watch this space.
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Amy has been writing about cameras, photography and associated tech since 2009. Amy was once part of the photography testing team for Future Publishing working across TechRadar, Digital Camera, PhotoPlus, N Photo and Photography Week. For her photography, she has won awards and has been exhibited. She often partakes in unusual projects - including one intense year where she used a different camera every single day. Amy is currently the Features Editor at Amateur Photographer magazine, and in her increasingly little spare time works across a number of high-profile publications including Wired, Stuff, Digital Camera World, Expert Reviews, and just a little off-tangent, PetsRadar.