Nintendo is to show a high-definition home console at this year's E3 event in June, according to new reports.
Game Informer in the US suggests the system will be released at the tail end of 2012, with publisher and developer partners currently being briefed on the hardware.
A separate report by IGN suggests the new console will be announced before E3 and it will be backwards compatible with existing Wii software.
It also reports that the console is significantly more powerful than Microsoft's Xbox 360 or Sony's PlayStation 3.
Earlier this week retail sources pointed towards a price cut for the Wii of $50, fuelling speculation Nintendo is preparing to reveal new hardware.
Update: According to a report by Edge Online, development kits for the new Nintendo hardware are already in the hands of Electronic Arts, Ubisoft and Activision, amongst others, and the system will retain motion control capabilities.