Very soon, in fact.

This February will mark two years since Elden Rings launch, potentially making it an anniversary release.

(Thanks,Eurogamer.)

Elden Ring player riding Torrent towards a ruin near the Great Erdtree

The behind-the-scenes update doesnt mention Shadow of the Erdtree by name, insteadreferringto SteamDB Unknown App 2778580.

Elden Ring screenshot showing a player holding a lightning-imbued sword and striking a Tree Sentinel with a lightning bolt