With exactly 95 days until the start of E3 2012 it's high time that rumors start to swirl regarding the next consoles for both Microsoft and Sony. While Sony has been very adamant about not revealing, or talking, about the PS4 one has to believe work on their next-gen console has begun. Microsoft, on the other hand, is believed to be hard at work on their next console, currently code-named Durango, and we hope to see a big reveal for it in May.

For Sony, the details that are the most important pertain to the architecture of the console, its GPU and CPU, rather than specific names or launch titles. Since Sony still has a fair amount of time before an official announcement will be made, sources point towards 2014 as the most feasible time period, one has to imagine they are just getting started in terms of selecting a chip set or graphics processor.

The most recent rumor regarding the processor for the PS4 suggests that Sony has done away with their highly touted Cell chip — which in and of itself is an admission that their expensive gamble didn't pay off — and will be looking to AMD for a CPU and perhaps even a GPU. As Kotaku reports, by turning to AMD for both a CPU and GPU Sony can turn to developers and give them baseline examples of the type of tech they are exploring that are currently available in the market today.

Obviously there will be some slight differences, but it can speed up the development process, and maybe secure Sony some more enticing launch titles.

On the Microsoft side of the rumor ticket, it is believed that the company held an Xbox 720 event this week for a large population of developers. One of the developers believed to have been in attendance was Crytek, the folks responsible for Crysis and more recently Far Cry 3, as indicated by a since deleted tweet.

There's been no confirmation of the London event taking place, but since the event was referred to as a Durango event, the assumption is that Microsoft has begun showing off their new console to developers. And if they're showing it to developers now it would make sense that gamers might get to see it a little later this year.

It's extremely exciting times for gamers with each of the big three in various stages of production on their next-gen console. While one is gearing up for potentially a Holiday release (Nintendo), its biggest competitors are at different stages of the same cycle they just experienced.

How do you feel about Sony turning to AMD over Nvidia for their GPU? When do you think that Microsoft will officially debut the next Xbox?

Source: Kotaku, NeoGAF (via Kotaku)