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According to Fox Business, a source close to Microsoft has confirmed they are planning on unveiling their next Xbox at E3 2012. The source doesn't share any details as to when the console is expected to be released, but I'm going to try to be optomistic and think it'll release Holiday 2012, although realistically I think Holiday 2013 would be a better guess.
The original Xbox was released in 2001 with the Xbox 360 launching in 2005 with the improved Xbox 360 S releasing in 2010. Microsoft is way overdue for a new console to be released and seeing how they've spent the past two E3s trying to sell its Kinect to both casual and hardcore gamers, I believe it's time for Microsoft to show consumers what they can really do with their upcoming console.