Real time version of Penguin 4.0 will be released by the end of this year. Gary Illyes tweeted that he expects the update to happen in December 2015.
This Penguin update is expected to be real-time which mean Google will update the algorithm in real-time continuously. After 4.0, Penguin Updates will not be released on specific dates. If Google detects spammy links on a website, Penguin will impact it. Once the spammy links are removed and Google picks that up, site will come out of Penguin.New Penguin Update To Happen By End Of 2015, Says Google!,