You can now, as of this very moment, select which version of PHP you are running, what PHP modules that version has, and even specify the common PHP settings all right from your cPanel via the "Select PHP Version" icon! The versions currently available are 5.2, 5.3, 5.4, and 5.5.
We sent you an email a few hours ago giving you notice about a maintenance window on October 8th for PHP upgrades. This maintenance has been canceled due to this new module.
Do understand that changing this setting can cause issues for your sites - if you do change this setting make sure that your site works properly. Your account will use the default PHP settings until you customize them via the "Select PHP Version" icon in your control panel.