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Microsoft will host an event at its Redmond, Wash., campus on May 21, where it is expected it will reveal the long-awaited successor to the Xbox 360.

Media invites sent to outlets including USA TODAY confirm a "special unveiling" next month with the title "A New Generation Revealed."

The announcement of a new video game console should come as little surprise, as Microsoft's rivals press forward with next-generation hardware.

Nintendo launched the Wii U last November, but it has struggled to entice video game players eager for a new device. During its fiscal 2013 earnings announcement, the company revealed it has sold 3.45 million worldwide, short of internal expectations. Nintendo cited a delay in software development as a reason for the slump.

Meanwhile, Sony announced the PlayStation 4 in February, and is expected to launch the device this holiday. The console features a new DualShock 4 controller with a motion sensor, touchpad and Share button for easily distributing content such as videos to friends.

Although the Nintendo Wii remains the frontrunner in this generation's console battle, the Xbox 360 has quickly gained ground. It has been the top-selling home console in the U.S. for 27 straight months, according to data from research firm NPD Group.