New reports suggest that Nintendo may release its new NX console in late 2016, given that it is working on a deal with Advanced Micro Devices (AMD) for its processor. 

AMD produces gameplay chips that serve as processors for the Xbox One and Playstation 4 consoles. 

Pre-orders for the Nintendo NX are set to begin next February or March ahead of the the console's 2016 release date, a new report suggests. 

Production is expected to begin several months after, either in May or June. 

Previous speculation on social media and gaming forums has suggested that Nintendo will release its NX console in July 2016. It was also claimed the company would launch 20 million units within a year of its release. 

These rumors, however, have since been dispelled. 

"While the Wii U is struggling and Nintendo probably does want to replace it with something new and exciting as soon as possible, rushing the NX out six months (or less) after its official reveal would be risky," Forbes reports in a review of the console launch rumors. 

"Fans are already wary about what the NX will turn out to be, and I think they'd rather Nintendo take their time to build a console that's more worthwhile from a hardware perspective than the Wii U or Wii."

The company's president Satoru Iwata recently passed away. He was 55 years old.