Here is the announcement from an email notice:
Under the direction of the First Presidency, committees have been assembled to recommend revisions to the current hymnbook and children's songbook. When the revisions are complete, there will only be one hymnbook and one children's songbook, offering the same hymns and songs in all languages. The new collections will be created over the next several years to reflect the needs of members around the world.
Here is a screenshot of the website:
Visit newmusic.lds.org to learn more about this effort. You can give feedback about the current music and submit new original hymns, children's songs, and lyrics to be considered for inclusion in the revised collections.
I remember the last revision and was surprised to see some the hymns that did not "make the cut." So, if you have any favorites, you should probably give suggestions and if you have any original hymns, by all means, submit them for consideration.