The second generation of the iPhone SE was announced in April 2020 and rumour suggests the third generation device will begin production in December 2021 for release in Spring 2022.
It's also said the device will offer the same A15 Bionic chip as the most recent iPhone 13 series, as well as the same Qualcomm Snapdragon X60 5G modem. Naturally, that of course suggests that the iPhone SE (3rd generation) will be 5G capable, like the iPhone 12 series and iPhone 13 series.
Nothing is official as yet, nor will it be for quite some time, though these rumours dispell any suggestions of a larger iPhone SE for now. They also suggest if you want a smaller iPhone with Face ID, that the iPhone 13 mini is the one you'll want to consider, rather than holding out for the next iPhone SE.
You can read all the rumours surrounding the iPhone SE (3rd generation) in our separate feature.