London: Microsoft will unveil the successor to Xbox 360 video game on May 21.
Xbox spokesperson Major Nelson on his official blog promised to give a real taste of the future with the launch of Xbox.
According to The Guardian, much is not known about the new console, not even its name. Gamers have been referring to it as Xbox 720.
It is also probable that the device will support a range of payment methods for content, including in-game micro-transactions and subscription services offering access to a range of content for a monthly fee, the report said.
There are speculations that the machine will require a constant Internet connection, which would protect it against pirated games and curtail the second-hand games market.
However, Microsoft has refused to comment.
The company will hold a special event at its campus in Redmond, three months after Sony unveiled its forthcoming PlayStation 4 machine.