Speaking to AndroidPIT, Google's head of hardware Rick Osterloh confirmed a new Pixel phone is coming this year, and that it will stay "premium." Osterloh added that Google had no interest in producing a low-cost Pixel device, saying the current ecosystem of hardware vendors serves that purpose just fine (he's not wrong).
At this time, we know very little about the new Pixel phone[s], though we have reason to believe there will still be two models based on evidence we've received from our own sources. For now, though, we have nothing else to share on our end.
It seems likely that Google will continue with the small-large formula it introduced with the Pixel and Pixel XL last year, which was itself a riff on Apple and now Samsung's own strategy with their premium-tier smartphones. This news is hardly surprising, of course, but it's always good to know what to expect in the coming year, even if Osterloh wouldn't comment on when we could expect to see the new devices announced. Fall is as good a bet as any, of course, given that's when the first Pixels were announced.