The next Xbox console will be released in time for the 2013 holiday season, people familiar with the platform holder's plans have told Bloomberg.

The new console will be in stores in time for the lucrative Thanksgiving and Christmas shopping season, meaning a release date in line with that of the Wii U this year (November 18).

A date for the new console's reveal is less certain, with a source revealing that Microsoft is yet to decide whether a big conference such as E3 in June or an independent launch event held by Microsoft would be preferred.

Sony is also expected to launch its PlayStation 3 successor late in 2013.

Microsoft Xbox spokesman David Dennis declined to comment when approached by Bloomberg.

Source: Bloomberg