According to the site: "A source with knowledge of Microsoft’s plans within the company’s Entertainment and Devices Division has confirmed with BGR that Microsoft intends to unveil its next-generation Xbox console at E3 2012 next summer. The source is not aware of Microsoft’s launch plans for the new Xbox, which we are told has been in development since 2006. Microsoft has sold nearly 54.4 million Xbox 360 units since the console’s introduction in November 2005. The video game system is currently the ninth most popular gaming console of all time behind Nintendo’s original NES and just ahead of Sony’s PlayStation 3, which has sold 51 million units to date."
This isn't the first time there was a claim that the unnamed eighth generation Microsoft console would be debuting in 2012, though Microsoft has stated that the Xbox 360 is only "halfway through its life cycle".