Indeed, it's that time once again: Both Microsoft and Sony are gearing up to announce new versions of the Xbox And PlayStation platforms.

In the case of the next Xbox, things are a bit more clear — Xbox chief Phil Spencer has outright announced Microsoft's ongoing work on new Xbox consoles.

"The same team that delivered unprecedented performance with Xbox One X is deep into architecting the next Xbox consoles," Spencer said on stage in Los Angeles on June 10, "where we will once again deliver on our commitment to set the benchmark for console gaming."

The latest rumors point to multiple tiers of Xbox console, similar to the current line-up with the Xbox One S and Xbox One X consoles. Rumors also say the new Xbox will be compatible with all previous generations of Xbox; the codenames are reportedly "Lockhart" (for the less powerful/less expensive version) and "Anaconda" (for the higher-end version).

Sony has also announced its ongoing work on a successor to its current game console, the PlayStation 4. Starting as early as May 2018, Sony executives have been discussing work on what many expect will be the "PlayStation 5." And with PlayStation skipped the game industry's annual June trade show, E3, for the first time ever, it's entirely possible that the company will hold its own event specifically to announce the next PlayStation.

That said, we know little about what the console will be. We do know that it might not arrive until 2021. "We will use the next three years to prepare the next step," PlayStation head John Kodera said in May.

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