A Google Webmaster Trends Analyst, Gary Illyes, posted on his Twitter feed that he’s expecting to see the release of the update within 2015. Since we only have a couple months left in the year, this means that we have now have a more concrete time frame for the update.
With all of the information we’ve gotten on the update, it’s pretty easy to expect it to be the real-time version. All this means is that the algorithm is going to continuously update in real time. After the release of Penguin 4.0, there isn’t going to be any specific release dates for the updates going forward. Rather, as Google finds any spammy links on a website, it may be impacted by Penguin. But, if those spammy links are removed, and the Google indexer picks up on this removal, the site will be free from Penguin.