Fans expecting Microsoft to make a big announcement about a next-gen Xbox at the 2012 E3 might be a little disappointed. Multiple sources have indicated that Microsoft and industry partners are working towards a 2013 launch of a next generation console.

According to reports, processor chip manufacturers to middleware firms have been actively working with Microsoft and expect the new console to be fully unveiled at E3 2013, which means there could be a release in time for the 2013 Holiday season. Though an early 2014 launch remains possible, the collection of data points to a 2013 launch for the new system across all main regions.

There have been multiple rumors about gaming companies that have led to the speculation of Xbox 720 development. Lionhead is working on a project interanlly named 'Fable NExt', which will launch on a new console. Also, Epic Games' new Unreal Engine would likely be available sooner than the 2014 date recently given by studio founder Tim Sweeney. One rumor insists that an EA studio already has rudimentary Xbox console technology on desks, but EA has denied the claim.

Hopes and expectations for a new Xbox console are at a all time high, especially following the recent Real Steel trailer which dropped hints at an Xbox 720.

Some in the industry have expected the new Xbox 720, or Xbox Next, or whatever you want to call it, to be announced before 2013, but Microsoft has been mum on the topic so far. Microsoft did state earlier that the Xbox 360 Kinect was what they consider to be the "Xbox 720", so it's likely they will focus marketing current Xbox 360 software for a bit longer.