There was a time when video game consoles were coming out every other Christmas. However, over the last few years, the flood of video game systems into the market slowed to a trickle. According to the LA Times,' blog, Hero Complex, Microsoft may be re-opening the floodgates and making the next leap forward for game consoles.

Microsoft will unveil the successor to the Xbox 360 at a press event at its Redmond, Wash., campus on May 21, pulling back the curtain on its home console plans just weeks before the June Electronic Entertainment Expo in Los Angeles. Media invites went out this morning, and Microsoft exec Larry Hryb posted a blog to hype the event, which will be live-streamed.

“On that day,” Xbox programming director Hryb wrote, “we’ll share our vision for Xbox, and give you a real taste of the future. Then, 19 days later at the Electronic Entertainment Expo (E3) in Los Angeles, we’ll continue the conversation and showcase our full lineup of blockbuster games.”

Microsoft is the last of the major home console makers to disclose its next generation system. Nintendo’s Wii U was released in late 2012 and Sony threw a lavish press event in February to announce its PS4, although Sony didn’t actually show the system in action.

The May 21 Xbox announcement will be broadcast live at 10 a.m. PDT on Xbox.com, Xbox LIVE and, for television viewers in North America, Spike TV.