According to the new draft definition, by the International Astronomical Union (IAU), two conditions must be satisfied for an object to be called a "planet." First, the object must be in orbit around a star, while not being itself a star. Second, the object must be large enough (
or more technically correct, massive enough) for its own gravity to pull it into a nearly spherical shape. The shape of objects with mass above 5 x 10^20 kg and diameter greater than 800 km would normally be determined by self-gravity, but all borderline cases would have to be established by observation.
If the proposed Resolution is passed, there will be 12 planets in our Solar System; Mercury, Venus, Earth, Mars, Ceres, Jupiter, Saturn, Uranus, Neptune, Pluto, Charon and 2003 UB313 (aka Xena). The name 2003 UB313 is provisional, as a "real" name has not yet been assigned to this object. A decision and announcement of a new name are likely not to be made during the IAU General Assembly in Prague, but at a later time. The naming procedures depend on the outcome of the Resolution vote. There will most likely be more planets announced by the IAU in the future. Currently a dozen "candidate planets" are listed on IAU's "watchlist" which keeps changing as new objects are found and the physics of the existing candidates becomes better known.
The draft "Planet Definition" Resolution will be discussed and refined during the General Assembly and then it (plus four other Resolutions) will be presented for voting at the 2nd session of the GA 24 August between 14:00 and 17:30 CEST.
IAU blog