Grantley Xeon E5 V3 Haswell-EP processors appropriate for a high-end Mac Pro upgrade were introduced in 2014, but Apple may be waiting on E5 V4 Broadwell-EP chips for the top-of-the-line Mac Pro that are set to launch in the
first half of 2016. E3 V4 chips appropriate for lower-end machines are already available, as are Skylake E3 V5 chips, so the update hold up is potentially related to the higher-core Mac Pro machines.
Updated AMD FirePro graphics cards were introduced in 2015, as were cards built on AMD's Fury platform, both of which could potentially be used in a next-generation Mac Pro.
With much of the next-generation hardware available for a Mac Pro update, it's possible Apple is planning to introduce a new Mac Pro in 2016, but there have not yet been rumors suggesting this is the case. If Apple is indeed waiting on new E5 V4 Broadwell-EP chips, an update could come later in 2016 after the chips are available.
In November of 2015, possible references to a new Mac Pro were discovered in OS X El Capitan, suggesting a next-generation machine is indeed in the works. A new Mac code name of AAPLJ951 was found in the operating system, which is similar to the AAPLJ90 code name of the existing Mac Pro.
Along with an improved processor and updated graphics, a refreshed Mac Pro could also potentially include faster memory, improved storage, and Thunderbolt 3 connectivity introduced through a shift to USB-C.