A source with knowledge of Microsoft’s plans within the company’s Entertainment and Devices Division has confirmed with BGR that Microsoft intends to unveil its next-generation Xbox console at E3 2012 next summer. The source is not aware of Microsoft’s launch plans for the new Xbox, which we are told has been in development since 2006. Microsoft has sold nearly 54.4 million Xbox 360 units since the console’s introduction in November 2005. The video game system is currently the ninth most popular gaming console of all time behind Nintendo’s original NES and just ahead of Sony’s PlayStation 3, which has sold 51 million units to date.

Jonathan Geller is the founder of Boy Genius Report, now known as BGR, and one of the biggest tech & mobile destinations in the world. BGR was acquired by leading digital media company PMC in April 2010 and Jonathan is President and Editor-in-chief of BGR Media, LLC. Jonathan was named to Forbes' coveted 30 under 30 list in 2016, and frequently appears as a commentator on news channels such as CNBC, Fox News, ABC News and Bloomberg.