We are currently using a globe.
A world icon does not signify language it signify location
Related: #2742
We could use the much recommended language icon from http://www.languageicon.org/

Better visualization of RTL interface switching.
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We considered using the world icon from languageicon.org and intentionally decided against it.
I don't recall the reasoning, but I know for sure that it was considered. Perhaps @jtamiace or @khangmach remembers?
I don't remember either but maybe @rtibbles knows
Some options from http://materialdesignicons.com/

And the default material library
https://material.io/resources/icons/?icon=g_translate&style=baseline

Wouldn't be opposed to either of these. We haven't done any testing with the globe, but the above imo indicate language much better than the globe
note that the latter icon above is literally the logo for the google translate app.
https://apps.apple.com/us/app/google-translate/id414706506
My issue with the language icons above is that they indicate two characters: english and a kanji character
Two scripts - the "A" appears in a bunch of different languages. It excludes other non-Western and East Asian scripts and may even look unrecognizable by those who natively speak languages of scripts outside of these. That's the downside I see, but still in that case, both the globe and the suggestions above would be gibberish
FYI here's the thread where it was discussed: https://learningequality.slack.com/archives/C0LKG14NL/p1500047631547416
including a link to https://usersnap.com/blog/design-language-switch/
which says
But have you ever seen that icon on one of your favorite websites or applications? I haven鈥檛. And our user tests showed that people won鈥檛 recognize this icon as an option for selecting languages.
It seems that the standardized language icon isn鈥檛 widely used.
We could import a set of flag icons and pair it with the language text. That'd be cool
We could import a set of flag icons and pair it with the language text. That'd be cool
With 67 flags next to English :)
Just read the blog post, I get the discussion was had in 2017 and there aren't any clear answers or outlooks of diving back into it, also agree with @jtamiace 's view on the downsides of the "character wheel" :+1:
something like this

or this

I would be opposed to using flags to represent languages, as it's exclusive and reductive. Same language may be spoken in many countries, so why prioritizing one over others to represent it?
Some notes from my pov
I wasn't aware of the discussions AFTER the languageicon.org initiative -- and that it had so much depth. Really sorry about opening up this -- perhaps the current solution is actually just fine. I was only opening the issue because I thought that the new icon would be a very simple adjustment :)
I think using a flag is really problematic. I'll just link this but there are lots of reasons out there why this shouldn't be done http://www.flagsarenotlanguages.com/blog/why-flags-do-not-represent-language/
And from the link that Devon posted earlier

@jtamiace Awesome, thanks the article. In the article here, the world icon seems like a universal representation of "language". http://www.flagsarenotlanguages.com/blog/best-practice-for-presenting-languages/
Most helpful comment
I would be opposed to using flags to represent languages, as it's exclusive and reductive. Same language may be spoken in many countries, so why prioritizing one over others to represent it?