You build a hardware plattform around the CPU and not vice versa. it is nearly impossible to find a CPU that can replace the old one. other architecture has other voltages, current draw, thermal dissipation. and then it has to have the same features like emmc controller, image rotation, MIPI for 3G/4G etc etc...
Every modern SoC can rotate, MIPI is a standard interface, the voltages are standard as well and the power supply chips (in case of the OMAP it's the PALMAS) also sits on the CPU board.
Yes, modern SoCs have less MMC controllers than the OMAP5, so in order to have two SD card slots instead of one, an emmc controller would've to be added on the CPU board.
Everything else is connected via standard busses as well, like i2c, SDIO, USB, etc.
So yeah, we made sure the CPU is upgradable by keeping all CPU-related stuff on the CPU board and everything that is standard is on the mainboard.
I didn't found information about qualification of the OMAP5. So if it is only for consumer application, it is very likely that it is discontinued soon.
The consumer variant is the OMAP5430 which has never been released. The OMAP5432 is the automotive version and usually TI keeps those in production for at least 10 years.
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