Oracle is scheduled to release their quarterly patch updates (which includes a new version of Java) on Tuesday, January 20. Please see the following URL for details.

http://www.oracle.com/technetwork/topics/security/cpujan2015-1972971.html

The current version of Java is 1.8.25.

According to content on http://www.oracle.com/technetwork/java/javase/downloads/index-jsp-138363.html, when the new version is released, all systems running version 7 will automatically be updated to version 8.

Coincident with the January 2015 CPU release users with the auto-update feature enabled will be migrated from Oracle JRE 7 to Oracle JRE 8.

Update January 21 9:15 a.m.

The new version of Java is 1.8.31. It is available for download from http://www.oracle.com/technetwork/java/javase/downloads/index.html

And updated version of Java 7 is also available from the same URL. It is version 1.7.75. It is unknown if that will be the last version of Java 7.