I haven't heard anything. As it's based off the Trailblazer a bit (including the I4/5 engine based off the I6) and as the Trailblazer is no longer produced (Acadia only) at least in Canada, it's hard to say if they'll do a complete redesign or not. GM doesn't have the funds for such a large project yet as sales of the Canyon have dwindled.
GM had better do something to keep up the mid size truck off road cred. With Nissan's 270hp V6 in the Frontier and Dodge's 300hp V8 available the Canyon V8 is a hard sell as it's only available with the top trim level (in Canada at least).
GM should create a 4L or less I6 engine to cut down on emissions (smaller cylinders = less emission output) or put in their corporate 3.6L V6 with direct injection for 300hp. Just to get it by a couple of more years until a full redesign can be had. If GM gets this engine in there, I know I'd be interested, it's just too bad that I prefer to have the heavier 2500 suspension setup as in the full size trucks. For a back roads bush beater, the Canyon is hard to beat due to it's narrow width and decent ground clearance with the Z71 group!
I just hope when GM does redesign it, they don't go car based like what Dodge is about to do with the new 2012 Durango...ick.