The past decade has witnessed an explosive growth in our ability to observe and measure brain activity. Among different functional brain imaging techniques, the electrical measurement of neural activity using neural probes provides highest temporal resolution. Yet, the electrode density and the observability of currently available neural probe technologies fall short of the density of neurons in the brain by several orders of magnitude. This paper presents opportunities for neural probes to utilize advances in CMOS technology for increasing electrode density and observability of neural activity, while minimizing the tissue damage. The authors present opportunities for neural probes to adapt advanced CMOS technologies and discuss challenges in terms of maintaining the signal integrity and implementing data communication.