If the current-generation console cycle becomes further protracted, tablets might take over as users' first gaming option, according to Crytek CEO Cevat Yerli. Speaking to VG247, the executive said next-generation consoles are "overdue already." Crytek's Crysis 3 is headed to consoles that are "drying out," says Yerli.

"The current generations are drying out, and the longer we wait for the next generation of consoles, the higher the likelihood that they could fall behind tablets in terms of being the first thing people reach for when the time comes to play games," Yerli said. "Tablets are putting pressure on the gaming industry, and taking over in some ways, so that should be kept in mind."

Asked about the possibility of Microsoft announcing its new Xbox at the 2013 Electronic Entertainment Expo, Yerli explained that it's already the right time for new platforms.

"At this stage, we can't comment on or even speculate as to when, or if, the next generation will be announced. But we think that it's time for the next generation and we think that it's overdue already," he said.

Nintendo will be the first of the Big Three (Microsoft, Sony, and Nintendo) to enter the next-generation market with the release of the Wii U this holiday season. The Xbox 360 is closing in on seven full years of availability, with the PlayStation 3 nearing its sixth anniversary. Analysts believe new consoles from Microsoft and Sony will be on store shelves for holiday 2013. As for their capabilities, GameStop CEO Paul Raines said last month that these consoles will provide "unbelievable new capabilities for rendering, speeds, et cetera."