As reported by Google Operating System, Google will release a “smarter” spell checker in a future update of Chrome. Currently, Chrome only uses the dictionary to spell check, not taking context into consideration. The future update, however, will work like Google Search’s “did you mean” feature.
Google has been hesitant to add the updated spell checker citing privacy concerns. As Google Operating System explains, a JSON-RPC request is sent to the “did you mean” service in the background, where the context-menu will then be updated. It will be interesting to see how fast Google can get results to come back.