It has been confirmed by Nintendo. Details on this report is found here: I know it's posted elsewhere, but it want this to be a new topic so the rumor has now become a reality.

http://www.nintendo.co.jp/ir/pdf/2011/110425_4e.pdf

Possible questions that we might be asking Reggie & Iwata at E3 2011 in regards to this new console:

• Will it have a 250 GB hard drive, or higher?
• Will it have the ability to transfer all data files and all purchased WiiWare & Virtual Console games from the Wii to the new console?
• Will it have Gamecube data slots, or better yet, will Gamecube games be able to transfer Gamecube files into the console?
• Will it be able to play music on any SDHC card up to 32GB?
• How many USB ports will it have?
• What colors will be featured in this new console?

I hope all of those answers will be considered when we get to see the presentation at E3 which runs on June 7-9, 2011.

I can't believe a new Nintendo console has already been announced
right after they announced the 3DS at E3

I can't wait till 2012
_{and I still have to save up some money though ;___;}

The news was broken this morning in this existing thread. Feel free to speculate all you like there :3