PHP 8 is on its way to be released towards the year end, November 26th 2020 to be precise.
PHP 8 is in active development with Beta 1 having released on August 6th.
One of the big (inner) changes in PHP 8 is that it is based on a JIT — just in time — compiler that will increase its performance and usability. In fact there was no way to improve the performance of PHP unless it was switched to a JIT compiler.
Some of the other new features which are going to be included :