From a screengrab at BIOSTAR's website for CPU support, the Intel Core i7-2700K CPU is listed as a support processor for socket LGA 1155.
It has four cores running at a frequency of 3.5GHz which is 100MHz more than the current Core i7-2600K. The official release date or price is not known. As an estimate, it should be in the same price range as its predecessor which retails for US$317 currently. When it arrives, the Core i7-2700K will take the place of the current 2600K in Intel's lineup and will become the fastest Sandy Bridge desktop processor to be released to date.