WinnFuture, a German website reports that the one and only RC build of Windows 7 will be ready at the end of February to be sent to select testers.
According to WinFuture's sources, the first-RC build has been compiled by now. The build number currently under test is not known, however WinFuture reports that 7048 was the latest build of Windows 7 and might be the RC, created a few days before and confirms that work is currently going on around the Windows 7 RC build.
The German website also reports that MSDN/TechNet subscribers along with the other private beta testers, would receive the RC build after 27th February, but not sure about the public beta which ended few weeks back.
Neowin earlier reported that we could be seeing the Windows 7 RC in early April, but with the rumor that Windows 7 is set to hit RTM in August, no wonder we can expect the RC build very soon!