Java’s finalization mechanism, a part of the platform since Java 1.0, has been proposed for deprecation in the forthcoming Java 9 release.
Yes, Object.finalize() method is going to deprecated very soon.
In recent mail in mail.openjdk.java.net group has proposed the deprecation of Object class method finalize().
This Object.finalize() method is there in java since 1.0 version. Many people regarded that, this feature is a misfeature and a piece of legacy cruft in the Java library.
The object finalization is meant to clean up resources acquired by the object, which means not the memory, other resources which cannot be freed by the garbage collector.
However, finalization does not safely implement automatic resource management, as the garbage collector does not run with any time guarantees. This means that there is nothing in the mechanism which ties resource release to the lifetime of the object, and so it is always possible to exhaust resources.
As per the news, the depreciation will come as part of Java 9, and the concept will remove in Java 10. However still it is unclear, but it will definitely happen very soon.