The long-awaited 7.31 update in Dota 2 is set to be released right after the DPC 2021/2022 regional finals. That means, the patch is going to be live in the client just after the 20th of January. That's the date of the second portion of the finals in CN, EEU and NA.

The exact date for the update is unclear now, but it is a very rare occasion to see Valve announcing the release timings for the updates this clearly. When that happened previously, the devs usually released the patch right after the conclusion of the finals, so we are in our rights to expect the 7.31 dropping early on the 21st of January. 

The current 7.30 version of the game was released in August 2021, and since then Valve has only been dropping small updates with items tweaks. However, even the 7.30 itself got criticized for not changing the game this much. In fact, Dota 2 fans have been eager to see changes to the map and in-game economics since 2020, and they are hopeful to see them in the next patch, as the meta has never been stagnant for this long.