A British gaming news source, MCV, is claiming to have exclusive news from a source that both Mircosoft and Sony will debut their new gaming systems this June at the E3 Expo.  MCV has made reports in the past from unnamed sources , most of which turn out to be true, leading many to look at this as credible.  MCV's online editor said on Twitter,

"Obviously we can't reveal our sources. But you have my personal word on this - the source is exemplary, 100% concrete, ultra high level."

Last summer at E3, Nintendo stole the show with their reveal of the new WiiU.  Nintendo is expected to reveal more this summer, along with a release schedule and pricing information.  To match, or even outshine Nintendo, Microsoft and Sony are expected to reveal their first look at their upcoming systems, tentatively called the Xbox 720 and PS4, respectively.   Many are not expecting a reveal of the hardware itself or pricing information, but at least some indication of the direction both consoles are going.

Many were already expecting Microsoft to reveal new system information, but the reveal of a new Playstation would be surprising as Sony had set up a "ten-year plan", continuing with the PS3 for several more years.

via IGN.com