The next-gen patch for Control Ultimate Edition has been postponed to early 2021. Publisher 505 Games and developer Remedy Entertainment have announced this. The patch, which is free for owners of this version of Control, should actually be released during the launch of the new consoles. According to Remedy, they simply need a little more time.
The patch is only available to owners of the Ultimate Edition. If you have the original version of Control there is no way to access the update. The patch comes with improved textures and features such as ray tracing. Control came out in summer 2019 for PS4, Xbox One and PC.