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According to a new report published earlier today, Microsoft and Sony will be announcing their next-generation at this year’s E3 conference. Details available after the jump!

PS4 Xbox New

The news comes from TechRadar – a popular technology blog – in the form of a report in which they cite Market for Computer & Video Games (MCV) whose “third-part publishing sources” claim that both Microsoft and Sony will be unveiling their next generation consoles at E3* 2012.

From MCV:

Both the Xbox 360 successor AND a follow up to the PS3 will be shown at E3 2012.

The LA show tease will come as Wii U launch details are locked in – and should ensure no ground is lost between competing consoles.

The current generation of consoles (seventh) is seeing strong sales. With more than 1 million units sold in the US alone, the week during this year’s Black Friday was the biggest week in Xbox history. The PlayStation 3 also sold well during this period. This is, most likely, due to the fact that these consoles are now being sold at a reasonable retail price, which the average household can afford. Sales are expected to stay strong until next generation consoles themselves lower in retail price or offer good enough games that make the upgrade a worthwhile one.

While we won’t know this for sure until E3 arrives, MCV’s sources are likely right about the announcement of the “Xbox 720” and PlayStation 4. It’s been more than five years since the seventh generation of consoles – Wii, Xbox 360 and PlayStation 3 – were announced, and it is about time we saw the eighth generation. With PC games reaching never-before-seen scales of gameplay and graphics, consoles need some catching up to do.

Check out TechRadar’s video on what they want to see in the next generation of consoles:

What do you expect from the next generation Xbox and PlayStation? Let us know in the comments section over on our Facebook page!

*For the uninitiated, E3 stands for Electronic Entertainment Expo: an annual video games trade fair where game developers tease, unveil and give demoes of upcoming games. It is held in early June in Los Angeles; this year’s event will be held between June 5th and 7th at a Los Angeles Convention Center (LACC).

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