It has been hoped that the next iPhone will not have a notch, but according to well-known leaker Ice Universe, Apple has not been able to make the leap to an uninterrupted screen yet.
He does, however, report that the notch depth will be a lot shallower, as illustrated in his drawing below:
It is not known how Apple will achieve this, though it has been speculated that Apple may move to an under-screen earpiece that would save some space.
Another possibility would be abandoning Face ID for TouchID under-screen or in the power button like the new iPad, though I suspect this would be a rather controversial move.
It is notable that, according to reports, Samsung has itself struggled to go from the punch hole camera to an under-screen camera, but that by the time Apple releases the iPhone 13 at the end of next year, Samsung is expected to have a flawlessly uninterrupted screen with the Samsung Galaxy Z Fold 3, which is expected to feature an under-display camera.