Microsoft is said to be preparing to launch its next Xbox in May.
The next generation console will be unveiled on 21 May at a media event, according to multiple sources quoted by MCV, The Verge and others.
Microsoft looks set to keep the first event relatively small, and focus on providing the first details of the console in a similar manner to the PS4 announcement held in February.
It is expected that further events will follow at E3 in June and its own Build conference. MCV reported that a planned disc-less console has been scrapped, and that it is likely the new device will be called simply 'Xbox'.
The console itself is expected to be released at the end of 2013.
Aside from the expected graphical updates, deeper game experiences, switch to Blu-Ray discs and other key next-gen features, it has been recently reported that the console will also require an internet connection at all times to function.
Fans have received this speculative news poorly, with some claiming it represents a cynical move towards more intensive digital-rights management.
But the rumours were sparked again last week after Microsoft Creative Studios direction Adam Orth took to Twitter to defend the concept.
"Sorry, I don't get the drama over having an "always on" console," he said. "#DealWithIt#".
"Every device now is 'always-on.' That's the world we live in."
Microsoft eventually published an apology, and has told its employees to keep Xbox-related information out of the public sphere - but has not issued an outright denial.
The company said after Orth' comments.
"We apologize for the inappropriate comments made by an employee on Twitter yesterday. This person is not a spokesperson for Microsoft, and his personal views do not reflect the customer centric approach we take to our products or how we would communicate directly with our loyal consumers. We are very sorry if this offended anyone, however we have not made any announcements about our product roadmap, and have no further comment on this matter."