The Daily News reported that the MTA will build only a limited line ("miniline") of the Second Avenue subway that may start construction later this year. The line will run from 96th to 72nd, then goes towards Broadway to pick up Times Square. The stops include 96th, 86th and 72nd Streets, then 63rd St. and Lexington Ave. (at the F), then stops along Broadway. The MTA says construction could take 7 years, which probably means it'll be ready in 8-10. But Gothamist did like the Daily News' description of the miniline - "stubway."
For more information on the Second Avenue Subway project, look at the MTA's site; here's a list of all proposed stations. New York magazine featured the Second Avenue Subway on its cover a few weeks ago, with a map of what it means for neighborhoods along the soon-to-be line.