@muneerazhar,
No, in my opinion (as a senior software engineer) that will never happen. There are several reasons for this.
The advantage of python is that it is a concise language. It allows you to express logic in fewer lines than Java and for short problems, I can cook up a Python script in a shorter time than I can crank out the same amount of Java.
But Java is far better for large problems; such as setting up the logic for an enterprise server, or a multi-threaded client responding to event from multiple sources. The reasons java is superior in these cases are.
1) Java is strongly typed, python is dynamically typed. Trying to implement a complicated architecture in a dynamically typed language gets frustrating very quickly (and I have tried it).
2) Java does concurrency and Threading very well. I can fairly easily make sure that my Java classes are thread safe.. and I can document this for the next guy who works on it. Python doesn't do this as well.
3) Java comes with a better infrastructure than python. The Java Frameworks that cover everything from Web servers, to DSP and AI is better than any other language. And unit tests are now built into the Java ecosystem.
4) Java supports features; like encapsulation, that make it easier to write code that is more maintainable. Python gives you speed of programming, Java is more verbose... the with the verbosity comes natural patterns that make code easier to write well, understand quickly and maintain.
There is no serious move to replace Java with Python. There are startups that use Python to get a product to market as quickly as possible.
I know of several cases where people started a project in Python and then rewrote everything in Java once their product got customers. once a cool project gets customer, it needs to grow up quickly by being able to scale in a way that is maintainable.