After a week of the Linux Kernel Summit in Edinburgh, Linus Torvalds released Linux 3.12-rc7 this Sunday. He noted in his release announcement that it's likely the last RC, which would make the final release available within roughly one week's time.
There's more changes in 3.12-rc7 than earlier test releases due to a later pull of the networking updates and then the usual assortment of driver updates. While a larger update, Torvalds still feels the final release is on track. There's a chance there still could be 3.12-rc8, but we'll have to wait and see what the test results yield.
The Linux 3.12-rc7 release announcement can be read on the Indiana LKML archive. For those unfamiliar with this next kernel update, see our Linux 3.12 feature overview and the dozens of other 3.12 articles, including ongoing benchmarks.