From their new Playstation VR: The Ultimate FAQ:
Is there a new PlayStation VR model? How is it different?
A hardware update to PlayStation VR is being prepared. The new version, model number CUH-ZVR2, features an updated design that enables the stereo headphone cables to be integrated with the VR headset and a slimmer, streamlined connection cable. There’s also an updated Processor Unit that supports HDR pass through, enabling users to enjoy HDR-compatible PS4 content on a TV without having to disconnect the Processor Unit in between the TV and the PS4 system. This function can be used only when the VR headset is turned off.
Sony has not confirmed the release date of the new model, but have stated that the price of the PSVR bundles will remain the same, despite the various improvements over the current VR.