There's been a lot of chatter this week regarding the new Xbox console from Microsoft, which Phil Spencer confirmed was in the works during the closing moments of the company's E3 presser on Monday night.

Now, it's been reported that the console, which is reportedly codenamed Scarlet, will launch in 2020 -- the same year that Sony's next PlayStation is also tipped to release.

According to sources speaking to Thurrott, Microsoft is not only targeting a 2020 release for its next home console, but it's describing it as a 'family of devices.'

Could we see more than one iteration of the system?

Earlier this week, Spencer indicated that the new Xbox console would support backwards compatibility, although this hasn't been officially set in stone.

As always we wouldn't take this as cold hard facts, but it's still interesting to hear that the next-generation of hardware perhaps isn't as far off as we may have initially thought.

Microsoft had a smashing E3 this year, in case you missed it. 

Carry on the conversation on the VideoGamer forums!