Nintendo will unveil a new home console at this year's E3 event, according to reports.
Multiple sources close to Game Informer have confirmed that the system will be capable of running games at HD resolutions and that Nintendo is already showing the tech to third party publishers.
"Nintendo is doing this one right," said one anonymous insider. "[It's] not a gimmick like the Wii."
IGN has since chimed in with its own intel, claiming that the console will be "significantly more powerful than the PlayStation 3" and that Nintendo intends to "recapture the hardcore market". It also added that the machine will be backwards compatible.
A "pre-announcement" will apparently be issued later this month, with the full reveal scheduled for Nintendo's E3 press conference in early June.
There's no word on what it will be called though Game Informer's report stated, "It is our understanding that Nintendo is trying to embrace the Western gamer and will likely launch a new brand with this console."
Its sources suggested that a late 2012 launch is planned.
Nintendo has issued its standard "Nintendo does not comment on rumor or speculation" statement though told Game Informer to "stay tuned".