The Associated Press reports that Sony plans to unveil the long-awaited third incarnation of the popular PlayStation game console at next year’s Electronic Entertainment Expo (E3) in Los Angeles. Sony has kept details about the PlayStation 3 tightly under wraps as rivals Microsoft and Nintendo also develop next-generation versions of their game machines.

While the PlayStation 2 leads the console competition by a wide margin, Microsoft’s Xbox and Nintendo’s GameCube are making their way into more homes worldwide thanks to significant price cuts. The GameCube is currently winning the price war at $99, nearly $45 less than its two major competitors. However, gamers will probably have to shell out a little more for the GameCube’s successor, dubbed Revolution, which will be revealed in 2005.

Sony grabbed headlines at this year’s E3 by unveiling its PSP (PlayStation Portable). The company hopes the unit’s wireless multiplayer and movie viewing capabilities will help it rule the handheld business, currently the domain of Nintendo’s Game Boy. The PSP is slated to go on sale in Japan by the end of December before hitting North American retailers by the end of March, 2005.