According to Videogamer.com , Crytek has revealed the Microsoft's next system will be based on DirectX 11 and will likely be revealed at E3 2012.

This rumor may very well shed a little light on one of Major Nelson's recent tweets: "Just ran into a small group of people already talking about Xbox at E3 2012. Now that's some planning for you."

Backing up these claims was a behind-closed-doors tech demo of TimeSplitters running on CryEngine 3 purportedly being shown at E3 2011.