The new model Xbox is now said to be scheduled for release in early November, as a US$300 (B9,250) subscription-based model and a US$500 (B15,300) standard model.
Those prices are in in line with rumours of how much Sony’s PlayStation console 4 will cost once it is released later this year.
Microsoft originally planned to reveal the next-gen Xbox in April, but several gaming websites have reported that a press conference to formally announce the console has been scheduled for May 21 at the company’s headquarters in Redmond, Washington.
The new console is reported to need an internet-connection in order to play all games, and will take advantage of key entertainment features – although specifics on what exactly this means have not yet been revealed.
Once the new system is released, Microsoft is expected to launch a smaller version of the Xbox 360, codenamed “Stingray”, for around US$99 (B3,000).
Since the Xbox 720 is not expected to play any older Xbox games, the Stingray system is designed to provide a sort of “backwards compatibility” for the Microsoft platform, albeit at a price.