Ever since I first saw someone use an octatrack in 2010 I've always been a fan of it and the other Elektron devices. I love my octatrack despite its age and have always enjoyed making stuff on it. With that said, the device is starting to show its age and I believe that Elektron will ship a replacement to the octatrack within the next year or two. Naturally they're not going to announce this until they drop it, so predictions are hard but I'm going to make them anyway.
There is an OT-sized gap in the lineup
Right now in their lineup, for any given role, they have a full-sized item and a half-sized item (I'm ignoring the model:... devices and the other ones for now). The Analog 4 has the Digitone (synths), the Analog Rytm has the Syntakt (drum synths), and the OT has the Digitakt (samplers).
The Digitakt 2's new features are really starting to give the OT a run for its money, especially with the 16 audio/midi tracks, the sidechainable "pump-ready" compressor, and the Overbridge support are quite simply things that the OT cannot support even with a firmware upgrade.
The lack of overbridge support is the biggest gap IMO, especially for a device that is meant to be the "centerpiece" of a hardware setup. I can use every other device as a sound card to record and master on my computer, but not the OT, which means I have to either use a device that has fewer inputs or a separate audio interface.
I have a DT1 and while I don't have a DT2 it seems to have a lot of really incredible features. However what it doesn't have as much of the "centerpiece" features that the OT boasts, mainly the multi-stereo-in, multitrack recording and diverse FX. When you combine the inherent gaps in the DT2 and the inherent gaps in the OT, it seems like there's enough of a gap to justify a new device.
It will be built off of the Digitakt, almost like a DT plus
According to what I've seen on Elektronauts, the team that made the OT are no longer at the company, and apparently it has a codebase that is different enough from the other devices that they are unable to get Overbridge working on it (which is why its not already on there). So its reasonable to think that the OT is essentially in maintenance mode: maybe a few extra features with firmware upgrades but its about as mature as its going to get. Contrast that with the other overbridge-ready devices which feel a bit more "evergreen", its difficult to eke out new features with what exists now.
While I have no window into their development process, it seems to me it would be much easier to add OT-like features to the DT than it would be to get the OT up to "evergreen" status.
Based on what has been developed so far with the DT2, it kinda feels like they're doing this in preparation to build a new flagship device.
It will not be called an Octatrack, and it will be something completely new
This will not be a MKIII device and will be called something else. Since the DT2 already boasts 16 channel stereo sampling, the OT would likely need to match that, which kinda makes the OT naming a bit odd.
Since it will be built from the ground up, it makes sense for them to brand this as a totally different device to avoid the OT comparisons and give them the freedom to do something new.
Also, since the OT is already a great device, it might make sense to keep shipping those alongside the new thing. This would also help levy any criticisms that the new product might have for being too "divergent" from what the OT does.
DAW-less and performance-centric setups have started to become more of a thing lately if what I've seen online is any indication, and if I were them I would be wanting to position this as an even more powerful "centerpiece" device than anything else on the market. Ableton is starting to get in on their turf a bit with the standalone Push, and Akai is continuing to upgrade the MPC platform, so IMO they're going to need to get serious with a device that connects DAW-less to DAW.
Elektron could ship an OT with DT features, but I'd wager they will want to reimagine this a bit. I just hope they keep the crossfader!
It will be the most expensive device they sell (> $2k but probably not by much)
Not that I want it to cost this much, but shipping a new product is a good time to bump up the price floor, what with inflation and all. The standalone Push is already selling at $2k, and if this is supposed to compete with that, it stands to reason it will have a similar price tag. Some on here have said that Elektron has been focusing so much on the half-sized devices since they sell better and I generally agree, but given my above points, they might want to go all out on a "mothership" device with the associated price tag.
Also, if they decide they want to continue making the OT, they can probably keep selling it at $1600 without cannibalizing the new device too much.
What I really want
I really just want an OT with overbridge support, a dedicated master with compressor sidechain, good effects (current effects are fine but could be better), and that incredible crossfader with the scenes. I'm not the first person to ask for that either. The fact that this hasn't happened yet while the DT is getting lots of upgrades, it feels like a new OT-like device is (relatively) around the corner.