PowerColor told Turkish tech site Donanim Haber that AMD's next-gen Radeon HD 7000 GPUs are likely slated for Q1 2012:

In an interview PowerColor Sales Director Elaine Liao revealed the release date for AMD's next-gen GPUs. The first Radeon HD 7000 series cards are now expected to release in Q1 2012, according to Liao. This is contrary to previous reports suggesting a release in Q4 2011.

However, a late Q4 2011 release is still possible and should not be ruled out.

Interestingly, Liao also mentions that the next-gen GPUs will likely be fabricated at TSMC's 40nm process. This is once again completely in contrary to the well known asumption that both NVIDIA and AMD are prepared to finally move away from 40nm to 28nm and also AMD's official communication, so this might be a result of miscommunication.

The interview also goes into details of upcoming PowerColor products such as HD 6870 X2, HD 6970 X2 and HD 6870 Eyefinity as well as the future of AMD's Fusion initiative.