CEO of Epic Games, Tim Sweeney hasn’t official announced a date yet, but when speaking with IGN, he said "this is technology that won't see the light of day until probably around 2014. I feel like that's what I'm doing now on Unreal Engine 4 in exploring areas of the technology nobody else is really yet contemplating because they're still a few years away from practicality. But I see a huge amount of potential there and so it's very, very fun work.”
Epic's current engine, Unreal Engine 3, coincided with the Xbox 360 and PS3's release in 2005-2006 and featured Gears of War in 2006 as a crown jewel of what the engine could produce.
If 2014 is to be believed, it looks like current gen consoles still have a few years left in them. -TNGG