Nokia is holding an event in London on May 14th where the manufacturer will unveil "the next chapter of the Lumia story". Nokia is expected to announce at least one Lumia handset. The company typically holds such stand alone events to unveil a new flagship handset, which are some times accompanied by the unveiling of one or more mid-range of lower-end devices.
There are no firm details on what Nokia will announce, but recent rumours have concentrated on a new high-end handset with an aluminum or metallic body ("Catwalk") and on a camera centric handset ("Eos"). A refinement of camera technology is likely, but an implementation of a Nokia 808 PureView like camera module would require substantial changes to the core hardware, so such a device may not arrive until a later date.
At the release of the Nokia Lumia 520 and 720 the company noted that it had completed the line up the Lumia portfolio. This suggests that any new devices are likely to be complimentary to existing devices. Given the time frames involved, a simple like-for-like replacement of an existing handset (Lumia 820 or 920) is unlikely, but an extension of the portfolio at the high-end (e.g. new materials, screen size, or technology) is a distinct possibility.
Nokia can also be expected to unveil updated version of existing apps and services and/or new apps as it has done at previous events (e.g. Glam Me at MWC 2013, updated HERE apps at Nokia World, Nokia Reading at MWC 2012).