For the OpenShift 4.4 release, the Operator team is working on introducing a new bundle format for operators. The plan for layered operators to pick up the change is for OpenShift 4.5 release. We came up with timelines to share with everyone.
Top Level Epic: https://issues.redhat.com/browse/OLM-1404

Problem Statement

The operator bundle format is changing. We need to adopt the new bundle format.

Epic Brief: https://docs.google.com/document/d/1fs-8i0tFDcW3tIjQHbS_KDswoo1hQSRW3l8Ddjcmv8s/edit?usp=sharing

Question:

Should we adopt the new bundle image at the same time?
https://github.com/operator-framework/operator-registry/blob/master/docs/design/operator-bundle.md

Migration Guide
https://docs.engineering.redhat.com/display/CFC/Migration