Gaming industry analyst Michael Pachter is always one to be honest about the industry. The gaming industry insider believes that a new Xbox console – dubbed by some the ‘Xbox 720′ – is an unlikely release, at least in the current gaming climate. With the 360 still selling strongly for Microsoft, the chances of a new console being announced in the next few months seem increasingly slim.

Pachter believes that a new Xbox will likely be announced after the 360 receives another price cut, designed primarily to boost slowing sales. As of right now, this seems like a fairly unlikely event – the 360 has continued to sell fairly well, beating out most projections and going strong thanks to its new design, lower console failure rate, and extensive list of high-profile releases.

The PS3, on the other hand, is an entirely different kettle of fish. Pachter claims that sales of Sony’s flagship console have been slowing for several months, and that price cuts seem likely. With fewer exclusive games than in past months and a slowing release schedule, the PS3 could be next in line for either a serious price cut, or a late-model redesign designed to boost sales of the console.

Software sales for the PS3 have also been declining, largely due to the slow release schedule for most of the console’s big titles. While many would believe that this just hurts developers, the lost licensing income from software sales could be a big hit for Sony. We’re uncertain about how this could affect a potential new console from Sony, and whether it will affect its announcement.

So there you have it – a new Xbox is fairly unlikely, at least in the next year. Pachter thinks that it will be around twelve months, or possibly more, before we hear about a new Xbox. The upcoming PS3 replacement could be a similar story, provided Sony’s sales improve. We’re unsure about how much an early announcement could cannibalize their PS3 sales, but it remains a possibility.