Nintendo Wii
Speculation says that Nintendo will announce its next console at this year's Electronic Entertainment Expo. Reuters

With sales of the six-year-old Wii slumping in recent months, it is clear that Nintendo is due for a successor to the console. That may soon be the case.

GameInformer reports that Nintendo plans to unveil its next console at this year's Electronic Entertainment Expo.The console, according to multiple sources, will be capable of high-definition graphics comparable to that of Microsoft's Xbox 360 and Sony's Playstation 3. It is currently unknown whether Nintendo plans to develop a new control scheme for the console.

While Nintendo's newest console isn't expected until late 2012, the company reportedly has already shown the device to developers. This is a major turnaround from how Nintendo handled the Wii, which Nintendo kept secret even from those who would eventually create games for it.

The news comes shortly after the emergence of speculation that Nintendo may soon cut the price of the Wii to $150. The announcement, expected May 15, may be evidence that Nintendo plans to announce a new console soon after. With Wii sales on the decline, the announcement of a follow-up is not only possible, but likely.