Microsoft's Phil Spencer confirmed yesterday that the company is beavering away on a new Xbox One console, and that new system apparently now has a codename: Scarlet.

That's at least according to sources at Game Informer, who noted that the codename may refer to multiple products, or the initiative as a whole. 

Microsoft is obviously keeping mum on any further details at this point, and who knows when the new Xbox will actually show up. 

To be honest, we're still recovering from the knockout blow that was Microsoft's presser yesterday, which revealed a boatload of new titles including Devil May Cry 5, Just Cause 4, Gears 5, Gears Tactics, Halo Infinite, Forza Horizon 4, and Sekiro: Shadows Die Twice.

We'll be chewing the fat over the Square Enix press conference at 5.30pm BST today, so be sure to tune in.