Video game console manufacturer Coleco, the company behind the short-lived ColecoVision and Telstar systems that hit shelves in the 70s and 80s, is making a comeback.

Working in tandem with Retro Video Game Systems - which previously failed to find funding for a VGS branded system - Coleco is set to release a new cartridge-based console dubbed the Coleco Chameleon.

The Chameleon is being pitched as a "modern day take on the classic game console," and will play brand new 8-bit, 16-bit, and 32-bit games, as well as some classics - both of which will be released on cartridges.

"The Coleco Chameleon is a love-letter to all the classic cartridge based gaming systems that came before it and we love the fact it will succeed Coleco’s successful Telstar and ColecoVision product lines," said Retro Video Game Systems, President, Mike Kennedy.

"It will take gamers and their families back to a simpler time where games were all about great gameplay and fun factor."

The Chameleon will launch in early 2016, and will be demonstrated for the first time at next year's Toy Fair New York from February 13-16.