Safeguard for Privileged Sessions (SPS) currently uses OpenSSL 1.1.1. This version will reach its end of life on September 11th, 2023. OpenSSL Version 3.0 will be the replacement.
SPS is Ubuntu based, so the product team are closely monitoring the implementation process of OpenSSL Version 3.0 on Canonical's side. The latest available information is that Ubuntu 22.04 (Jammy Jellyfish) will arrive with OpenSSL 3.0 in April 2022.
The base Ubuntu under SPS will be upgraded to 22.04 (or higher) in a future release, once it considered as 'stable' by the product team. This move will very likely happen before the EOL date of OpenSSL 1.1.1.
So, in summary, we do have the EOL of OpenSSL 1.1.1 in our sights but we do not as yet have an implementation date (as of 28 Mar 2022) for OpenSSL 3.0 yet.