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UPDATE
The 2015 NFL draft will reportedly be held in Chicago, according to Yahoo's Rand Getlin.
The 2015 NFL Draft will be held in Chicago, per a league source.
— Rand Getlin (@Rand_Getlin) October 2, 2014
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It looks as though going forward, the NFL Draft is now going to dip into the month of May. ESPN's Adam Schefter reports that the league is planning on the 2015 draft being on the final day April and dipping into the first weekend of May.
Though the league is undecided between LA and Chicago, next year’s NFL Draft is now set for April 30-May 2, per league sources.
— Adam Schefter (@AdamSchefter) October 2, 2014
As Schefty mentioned, the league is still undecided on where the draft will be next year, but it's already known that it won't be in its traditional location.
Also, Schefter pointed out that the current plan is for next year's draft to be just three days long. There were reports this offseason that the NFL was considering expanding the draft to four days.
Peter King offered his own format proposal, suggesting that instead of giving Round 3 its own day, Rounds 4-7 could be split apart.