I read an article back in January of this year. An interview with recently-retired Three Star General William Keys,(USMC), and now the CEO at Colt's. In this article Mr. Keys said that he dose plan to bring back the Python in the near future and they are going to develop a new double-action, semi-auto pistol.
Colt has made some wonderful guns over the years, but the truly amazing thing about them is that few companies could be run as poorly and remain in business as long as they have.
I got a feeling if they bring back the Python, its not going to be anything anybody who knows Pythons would want to have.