No, it will not support the latest gen. of i5 processors. Here is a mobo with i5-4XXX processor i suggest (if you are not overclocking):
[PCPartPicker part list](http://pcpartpicker.com/p/12mAv) / [Price breakdown by merchant](http://pcpartpicker.com/p/12mAv/by_merchant/) / [Benchmarks](http://pcpartpicker.com/p/12mAv/benchmarks/)
Type|Item|Price
:----|:----|:----
**CPU** | [Intel Core i5-4430 3.0GHz Quad-Core Processor](http://pcpartpicker.com/part/intel-cpu-bx80646i54430) | $174.99 @ Newegg
**Motherboard** | [Asus B85M-G Micro ATX LGA1150 Motherboard](http://pcpartpicker.com/part/asus-motherboard-b85mg) | $79.99 @ NCIX US
| | **Total**
| Prices include shipping, taxes, and discounts when available. | $254.98
| Generated by PCPartPicker...