Nintendo is speculated to release a new console by next year. And with the market steading with the presence of the Playstation 4 and Xbox one. The company is planning the release of their yet to be announced "Nintendo NX," by 2016.

Satoru Iwata, the president of Nintendo, recently confirmed the existence of the new console. He also talked about the new console saying:

"As proof that Nintendo maintains strong enthusiasm for the dedicated game system business, let me confirm that Nintendo is currently developing a dedicated game platform with a brand-new concept under the development codename 'NX'. It is too early to elaborate on the details of this project."

Tech Radar has also speculated the new design of the new "Nintendo NX", will be more portable design but also could be played in at home.

Takashi Mochizuki, a correspondent for The Wall Street Journal, already took to social media to say that the new "Nintendo NX" will be seeing the light of day by 2016. He tweets:

"Nintendo's new NX likely to 1) have more than two devices 2) come with powerful chips 3) be launched by end of 2016."

Crossmap has also reports that AMD has teased about their recent contribution to the new console. But the company has also confirmed a possible 2016 release for the new "Nintendo NX."

Iwata, however, hasn't given any solid information about the new console just its codename in the company, he has also that there isn't a lot of updates on the upcoming "Nintendo NX". He states that the announcement of the new console was due to the new alliance with DeNA. Iwata states:

"I intentionally chose to announce the development of NX so early because I wanted to confirm the fact that we are developing a new dedicated video game platform, that we have never lost passion regarding the future for dedicated video game systems and that we have bright prospects for them..."

Nintendo has yet to confirm a 2016 release date for the "Nintendo NX."