PlayStation 4 and Xbox 720 Set to Make Debut at 2012 E3 Expo?

U.K. video games industry magazine MVC recently reported that Sony and Microsoft’s next home consoles will make their debuts at this year’s E3 event.

The magazine's sources revealed that both companies are doing this in order to combat Nintendo’s expected conference surrounding the Wii U. This year may mark the first instance in which all three major gaming companies all reveal their next-gen systems.

MCV was notified by their sources that Microsoft has told their industry partners that they will indeed show off their next Xbox at the Electronic Entertainment Expo (E3) this year.

MCV's sources also revealed that Sony is preparing to unveil the next PlayStation at E3 2012 as well. They said that execs at Sony are committing to this move in order to stay ahead of the console curve. The PlayStation 3 was considered late to the party, due to it releasing far later than the Xbox 360 and Nintendo Wii.

Sources expect company executives to not announce the release dates of their respective gaming consoles.

Some say Sony and Microsoft’s move to E3 2012 is being done in order to combat Nintendo’s announcement of the Wii U's pre-Christmas reveal date and pricing details.

Gamers who read MCV's story on these rumors were of course skeptical. MCV's Online Editor, Ben Parfitt, let it be known that his source's information is indeed true. "Obviously we can't reveal our sources. But you have my personal word on this - the source is exemplary, 100% concrete, ultra high level," he posted on the social media website.

Several other rumors have surfaced regarding Sony's PlayStation 4 and Microsoft's next Xbox video game console.

Sony reportedly began its preliminary work on PlayStation 4 games with several internal video game development studios. This bit of news came from video game news site, Develop.

A trusted source also revealed to Develop that various game projects are at their earliest stages of development. However, the source didn’t reveal which of Sony's 16 first-party studios have been delegated the work.

Some of Sony's internal development studios include Naughty Dog, Sony Santa Monica, Guerrilla Games and Sucker Punch Studios.

This past February, Sony Computer Entertainment chairman Kaz Hirai stated that Sony was "not deliberating on PS4."

But in May, Sony's chief financial officer Masaru Kato explained to investors that "future platform" development work has caused a spike in R&D costs. This may signal the development of the PlayStation 4.

Several game business insiders don't expect a new PlayStation to launch before 2014, though. No official word on the matter has come from Sony since these rumors surface.

As for Microsoft, Develop reported that the company and its industry associates are working towards a 2013 launch of the next generation Xbox.

There are even reports floating around that point to an EA studio already having rudimentary Xbox console technology on desks. EA has denied this claim.

Several sources have noted that they expect the console to make its grand debut at E3 2013, instead of E3 2012. These rumors point to a 2013 launch for the system across all main regions, though early 2014 remains a possibility.

Industry analysts predict that the next Xbox video game console won't be in stores before the holiday side of 2013. Microsoft hasn't offered any comments on the rumors thus far.