The Cyber Physical System (CPS) is a disruptive technology that has combined the burgeoning technologies from various domains. The CPS is continuously evolving with the incorporation of next-generation technologies. A CPS capable of supporting next-generation applications is referred to as the Next Generation Cyber Physical System (NG-CPS). This paper comprehensively discusses the different emerging technologies such as Internet of Things, Machine to Machine communication, Machine Learning, Artificial Intelligence, Big-Data, etc. for the NG-CPS. Further, a generic NG-CPS framework is proposed covering all design aspects including physical design aspects, cyber design aspects and communication design aspects. Moreover, the smart city as a NG-CPS is designed using the proposed generic NG-CSP framework. To aid network designer in networking, the state-of-art protocols stack is also presented for smart city NG-CPS. Furthermore, to facilitate researchers in designing a smart city NG-CPS, the key technical specifications are comprehensively summarized, covering all domains of the NG-CPS.