To be unveiled at E3 2013, say multiple industry sources.
Microsoft is working towards an autumn/winter 2013 launch for its successor to the Xbox 360, multiple sources across the video games industry have told Develop.
Develop's sources include chip manufacturers and middleware firms, with information pointing to an E3 2013 reveal - just months ahead of its launch in time for the holiday season across all major regions. However, Develop states that an early 2014 release remains a possibility.
One source also revealed that an EA studio has an early version of the next Xbox tech in its possession. EA has denied the claim.
In addition, Develop understands that Lionhead is working on Fable Next, which will launch on the new console, whilst Epic Games' Unreal Engine 4 is likely to be ready before 2014.
Microsoft declined to comment on the rumours.
Back in June VideoGamer.com learned that the Xbox 720 is likely to be at E3 2012, although details on when the hardware would launch weren't revealed.