Reports: Sony has no plans to unveil PS3 successor at this year's E3

Don't expect a PS4 to be unveiled at E3 this year, according to Sony's Kaz Hirai.

The overseer of Sony's video game business said there are no plans to unveil a successor to the PS3, which paves the way for Nintendo to be the only one of the Big 3 (Microsoft didn't announce anything mind blowing at CES 2012 despite rumors of their new console) to possibly release a new console in 2012.

Hirai notes the PS3 is still targeted for a 10-year life cycle, and since it released in 2006 they have a ways to go.

I'm not surprised at this announcement. Right now, Sony is investing heavily in the PS Vita, which has struggled somewhat out of the gate in Japan, and is getting ready for its big release here in the U.S. and Europe on Feb. 22. So that's where all the money's going at now.

However, I don't think we'll have to wait too much longer for new console announcements from Sony and Microsoft. If Nintendo releases the Wii U this year, don't expect them to give the big N that much of a head start.