Forbes' Chris Morris speculates that Google Lively, the company's web-based virtual chat room, and the acquisition of in-game advertising firm Adscape may amount to early warning signs of a major play in the industry.

With Google's massive bank, Morris notes that the company could easily acquire several casual or serious game developers, using their games to sell Google-served advertisements.

"Given all the employees they have and the company's policy of encouraging side projects, I would be very surprised if there wasn't somebody in Google who's not approaching [gaming] as an opportunity," added Lazard Capital Markets analyst Colin Sebastian.

"Of course, there are a number of hurdles that have to be cleared before it reaches the outside world."