Start saving your money, kids. A new gaming console is on the way. Nintendo just announced plans to replace the Wii with a new gaming system in 2012.

The new system, which has been called the Wii 2, Wii HD and Project Cafe, will be unveiled at this summer’s E3 Expo. The show will take place in Los Angeles from June 7 to 9.

To date, Nintendo has sold approximately 86 million Wii consoles. The console also changed the way we look at (or play) gaming, due to the motion controller. Since the Wii debuted in 2006, Microsoft has launched the Kinect and the PlayStation incorporated the Move into the PlayStation 3.

Rumors have been flying about possible Wii 2 features, which may or may not include HD, 3D, and a touchscreen controller. Could it also have home control features? We can dream—at least until E3.

Either way, Nintendo could use a nice boost. The company just released its first-quarter financial statement, which says that 2010 revenue fell 29 percent to $12.4 billion, with profits dropping 66 percent to $948 million.

Rachel Cericola - Contributing Writer

Over the past 15 years, Rachel Cericola has covered entertainment, web and technology trends. Check her out at www.rachelcericola.com.