While most attention these days is focused on the 64-bit ARMv8 architecture, ARMv7VE is around as an ARMv7-a architecture with the addition of ARM Virtualization Extensions. It's nothing radically new since it's just ARMv7 with virtualization support and previously the GCC compiler could have targeted this ARM support via the "-march=armv7-a+virt+sec+idiv+mp" option instead.
ARMv7VE is supported by the Cortex-A7, Cortex-A12, and Cortex-A15 ARM cores. The work is being done by Renlin Li at ARM Holdings to allow for the "-march=armv7ve" compiler option. It's also on top of other ARMv7VE support added to the GNU Assembler, etc.
This latest GCC patch can be found on the gcc-patches list.