"We've been spending a lot of time with Microsoft, but we have to let them take the lead on this, but it will be a very hot, compelling device," Raines said. "They are doing some really cool stuff, and I'm eager to hear them start their announcements because I think the world is going to stand up and take notice."

Raines is bullish on the vitality of consoles overall. He said negative sentiments about new platforms is not a new phenomenon for the upcoming console transition. In addition, he said internal data shows strong demand for the PlayStation 4 and noted this enthusiasm is likely to be matched for the Xbox 720.

"We don't subscribe to that. The cool thing with GameStop is, we've got a lot of gamers here and we've got a lot of people [on the team] who've seen every console cycle. And what's interesting to me - I was talking to one of our founders, Dan DeMatteo, and he was telling me every console cycle you get people who will say 'there will never be another console,' or 'what else can the consoles do?' And we just believe it's a cycle and we just haven't had a new product in so long. But we certainly don't believe that the new consoles won't be as exciting," Raines said. "There's a lot of demand for PS4, and I think there will be for the next Xbox as well, once it's announced."

GameStop shares this week .

Microsoft is rumored to have its next-generation platform to announce the Xbox 720.