Samsung lists the Galaxy S20 Lite by name on updated software support pages
Samsung has let slip that the Lite version of the Galaxy S20 is coming up ahead of this device's launch. This device may follow the formula of its predecessor in that it retains some flagship internals in a mid-range chassis. It has been proposed that the second generation would be a Fan Edition instead; however, the OEM now unambiguously denies that a device by this name is forthcoming.
The Galaxy S20 Lite product name is now found in conjunction with updates for the app for Samsung's Gear 360 gadget and its developers' feature Adaptive Performance, which is geared towards maintaining graphical integrity in the presence of increased device temperature. It seems the new Lite variant will not be compatible with the former, but is covered by the latter.
This information is now found on Samsung Germany and US webpages. Therefore, it seems this new addition to the S20 line is indeed on the way. It is currently thought to be powered by the Snapdragon 865, although it may have triple cameras in a more 2019-looking housing compared to, say, the Note 20 series.