Take this with a grain of salt, but reports are indicating that Microsoft's next generation entertainment console, dubbed Xbox Next or Xbox 720, could be revealed as early as E3 2012.
This report originates from CryTek who has stated that specifics to Microsoft's next generation console is still being worked on, but the console will likely be revealed around E3 2012. Apparently, CryTek is also rumored to be using DirectX 11 technology for the next generation games.
"CryTek believes that Microsoft will announce and launch its new machine ahead of rival Sony, though the developer is also investing resources into next-generation PlayStation development," a source from CryTek stated.
Apparently, this CryTek developer believes that Microsoft will announce the new Xbox within the next 12 months. Microsoft is reportedly trying to unveil this new console before Sony unveils their new console. Ironically, the Nintendo Wii U will be released around the same time.
Microsoft's Xbox 360 has been the number one console for a little while now. In a recent report by NPD Group, approximately 270,000 Xbox 360 consoles were sold during the month of May of this year. The Xbox 360 is also the most sold console for the last 11 months.