COLECO announced the development of "COLECO Chameleon," which will be able to play both classic and newer video games.

A report from Screen Rant features the new console that will pave the way to the "marriage of both old and new" in the gaming industry.

"Whether you are 40 and looking to be 8 again, or you're 20 and enjoy the esoteric 16-bit video game style, the Coleco Chameleon has something to offer you," the report noted.

Citing Gizmodo, the outlet describes the "COLECO Chameleon" as a way of delivering the best of both worlds, thanks to the console that can play the classic 8-bit, 16-bit, and 32-bit titles like Donkey Kong, as well as the 2D games designed of late.

"Coleco's intention is to deliver a console that melds both the arcade culture of the '80s with the modern 2D games that can be found on Valve's Steam platform, Xbox Live, or a smartphone," Screen Rant explained.

According to COLECO Chameloen's official site, the company is aiming to bring back the feel of the "Golden Age of Gaming" which had been lost since "an age of digital downloads and corporate cost-cutting measures" arrived.

"Be it cracking open the shrink-wrap and catching a whiff of that 'new game smell,' pouring over the details and illustrations in the game manual, or just taking your cartridges over to a friend's house, these experiences are all but lost in an age of digital downloads and corporate cost-cutting measures," the site's description page stated.

"It will take gamers and their families back to a simpler time where games were all about great gameplay and fun factor," Retro Video Game Systems President Mike Kennedy told Gamasutra.

Furthermore, the company is also set to release cartridges that can be used in the console which are more durable.

Also known as the Connecticut Leather Company, COLECO is an American company founded in 1932.

While it had other products including show leather and toys, the company is best known for creating the 1982 ColecoVision console that became an icon of the 1980s.

After declaring bankruptcy, COLECO spent a decade trying to redo their success after bouncing back in the gaming world in 2005.

While they did release a handheld gaming device dubbed as the "COLECO Sonic," the company made very little noise in the industry since they came back.

Now, Screen Rant believes that with the COLECO Chameleon in the works, the American company may have a shot at restoring their former glory with the help of their new partner, Retro Video Game Systems.