An unnamed developer from Crysis 2 developer Crytek has revealed that Microsoft's next generation Xbox is in development and set to be shown at 2012's E3 conference.

Speaking to the Videogamer the unnamed source reportedly revealed that the studio was working on its first game for the next-generation console -- Timesplitters 4.

The report indicated that the details regarding the console, including its hardware, tech spec, name and release date are yet to be confirmed. The anonymous source reported to Videogamer that the company is currently developing the game using DirectX 11.

The company has already been rumoured to be working on titles for Sony's recently leaked PlayStation 4 console.

While unnamed, Videogamer did state that its source was a "high ranking" and trustworthy member of Crytek's staff.

As well as revealing the existence of Microsoft's next generation console, the source also revealed that the visuals of Timesplitters 4 were already showing a marked improvement on the graphics of Microsoft's current Xbox 360 console.

If true the news would make a 2013 release for the new console the earliest realistic release estimate -- a full year later than Nintendo's Wii U.

Neither Microsoft or Crytek have since released any official word on Videogamer's report.