Rumor: Xbox 720, PS4 Projects Already Underway

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Yeah, yeah. We know you’ve heard this all before. But hey, since we’ve already got so many rumors about the next console generation, why not slap one more on there? Apparently, projects are already underway for the next Xbox and PlayStation, and we may be getting a new console announcement sooner than you think.

According to Edge, Ubisoft is already developing software for the next Xbox using “target boxes,” which attempt to emulate the expected final hardware of Microsoft’s next console. The rumor also claims that several other studios are in possession of target boxes, and that these developers should be getting full blown development kits by the end of the year.

Not only that, but there’s also been reports that a “major Sony-owned studio,” has currently stopped producing for the PS3 and has moved onto the PS4 completely. This same studio also, apparently, had a hand in the development of the next PlayStation’s graphical technology.

If these are true, then we’re told that the next console generation could be as close as next year, with Edge suggesting that Microsoft could announce their new console at the next Consumer Electronics Show, which takes place in January.

January 2012 seems a little bit too soon for the announcement of the next Xbox, but I suppose anything is possible. If Sony and Microsoft do actually announce their new consoles next year, that’s going to put a lot of pressure on Nintendo to make the Wii U standout, as it seems that the Wii U will only be as powerful (if not a little more) than this generation’s Xbox and PlayStation.

What do you think? Are we heading for the announcement of the next generation consoles next year, or do you think Sony and Microsoft will hold off until 2013? Will you be buying the next Xbox or PlayStation at launch? Head down to the comments section and tell us what you think of these rumors!