Nintendo's global president Satoru Iwata has admitted that the company is working on a follow-up to the popular Wii console.

Unfortunately, Iwata was pretty tight lipped about anymore details on the new next-gen console, and if it would ever actually become available.

He said: “The hardware team started work on the next thing as soon as they were done with their previous project, but what they think up doesn't necessarily become a product.

“We only turn something into a product after it's been thoroughly vetted inside the company."

He added: "We're not at a point where we can give specifics, but of course we're working on it.”

All admitted during an interview with the Wall Street Journal, Iwata also revealed that Mario creator Shigeru Miyamoto has finished all his stated creations for the console, and that the price of the new Wii MotionPlus peripheral would be "very affordable".