Microsoft is expected to announce the next generation Xbox 720 console at the 2013 edition of E3 and release it onto the market either later that year or in early 2014, at least according to a batch of new rumors that have surfaced on the web. Current generation consoles are certainly feeling the drawbacks of their age, especially with PC platforms growing by leaps and bounds in terms of performance every year. As such, quite a lot of game developers are calling out for more powerful hardware to appear, even if companies like Microsoft or Sony are emphasizing that current generation consoles, like the Xbox 360 or PlayStation 3, still have a long life ahead of them. Reports have begun surfacing this year, however, with many pointing out the fact that prototypes of new consoles are being given to developers for early testing, so official announcements may arrive sooner or later. UK trade magazine Develop has rounded up some new reports, from various sources from the games industry as well as actual factories that manufacture consoles. According to the magazine, the next generation Xbox is coming soon, as Microsoft is expected to reveal it at E3 2013, and launch it onto the market either at the end of 2013 or the beginning of 2014. As you can imagine, Microsoft declined to comment on these reports when asked for a reaction, but Develop points out that quite a few other interesting details, like Microsoft's own Lionhead studio working on a 'Fable Next' project designed for the new device. What's more, it expects Epic Games to finish up its new Unreal Engine before the 2014 estimate given recently by its founder, Tim Sweeney, so that it coincides with the Xbox 720 release. Also, EA is still reported to have early yet working prototypes of the new Xbox, despite the company denying it earlier this year. While these are still rumors, for now, a new Xbox, as well as a PlayStation, not to mention the already confirmed Wii U, are coming, so let's hope official announcements will happen sooner rather than later.