The term NGCFHT (for "next generation CFHT") and similar terms
have been used for an eventual successor to the CFHT at exactly
the same location, a modern telescope with more research value.
The last two decades have produced a number of concepts, including
some for a 10-m class instrument, one recent concept termed the
Maunakea Spectroscopic Explorer (MSE).
Such a full replacement would certainly require an outage of
multiple years, and I gather current plans are that CFHT will
continue with only relatively-minor upgrades until at least 2030.