This is according to a report from Bloomberg who claims that Nintendo is expected to introduce an upgraded version of the Switch in the first quarter of 2021. While the report does not state what kind of upgrades we can expect, they do claim that Nintendo was looking into introducing more computing power along with 4K graphics.
Given how long it has been since the Switch was first launched, we suppose it does seem like time for an upgrade. We should point out that in the past, there have been multiple rumors suggesting that an upgrade could be on its way, but Nintendo has constantly refuted those rumors, so it remains to be seen if this new report is accurate.
However, like we said, it makes sense that the company would introduce a new model. The PS5 and the Xbox Series X are on their way so if Nintendo is hoping to stay competitive, a new and upgraded model would be a good way to go about that.