Microsoft Xbox 360 games console’s successor will likely be unveiled at next year’s E3 event, according to an anonymous high-ranking source at developer Crytek.

The anonymous source told Videogamer. com that a title, called TimeSplitters 4, is under development for the successor of Microsoft’s new console. The source also informed that they were using Microsoft's updated DX11 development tool to develop the potential title.

The report published by Videogamer states, “The Crysis 2 developer says that Microsoft will announce the existence of a new Xbox within the next 12 months, hinting that an E3 2012 reveal is likely.”

The sources didn’t reveal any specs of the console, but noted that Microsoft would likely release the successor to its current Xbox before the launch of Sony’s PlayStation 4.

It may be noted here that Microsoft did not announce any new hardware at the recently held E3 expo. Moreover, the Redmond-based software giant released a pile of new software for the Xbox 360, including Halo 4, along with several new titles for the Kinect platform.