NEW YORK (CNNMoney.com) -- The top-secret 10th-anniversary Elmo, code-named "Elmo T.M.X.," will finally be unveiled to the world next Tuesday. But will it live up to the hype?

Fisher-Price, a division of No. 1 toymaker Mattel (Charts), has been extremely tight-lipped about the special Elmo. No one except a handful of company executives and a few toy industry analysts have seen the toy.

Fisher-Price has even tweaked its packaging to play up "top-secret" nature of Elmo T.M.X.

However, Fisher-Price promises that this Elmo will do something that has never been seen before in a plush toy, including the nine Elmos that have preceded T.M.X.

Chris Byrne, an independent toy industry analyst, who's seen T.M.X. ("Tickle Me 10, get it?"), said it's the funniest Elmo thus far. But that's all he'll say thanks to a confidentiality agreement with the manufacturer.

Jim Silver, publisher of Toy Wishes magazine, said he was looking for "the strings" on the prototype when he first saw what it does. "This is what the toy industry needs ... excitement and total innovation," he said.

To his point, the toy industry is struggling to expand its sales at a time when many more kids are shunning traditional toys in favor of consumer electronics like Apple's (Charts) iPod and portable gaming platforms like Sony' (Charts)s PSP.

According to the Toy Industry Association (TIA), total annual toy sales last year were $21.9 billion, down 0.2 percent from the previous year.

Can the furry red secret Elmo single-handedly turn things around for the industry this year?

Some industry watchers speculate that it will take more than a brilliant marketing ploy from Fisher-Price to maneuver that.

In the meantime, retailers like Wal-Mart (Charts), KB Toys, Toys "R" Us and others were confident enough in Elmo's selling power to offer their customers preorders of T.M.X. without offering them any details.

The retailers also plan to hold special Elmo events Tuesday at their stores to coincide with the launch.

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