Yesterday the computer giant sent out invites to an event on 21 May, at which the new and improved games console - rumoured to be named the Xbox 720 - will be on view.
According to Digital Spy, Xbox Live director Larry Hyrb said: "On that day, we'll share our vision for Xbox, and give you a real taste of the future.
"Then, 19 days later at the Electronic Entertainment Expo (E3) in Los Angeles, we'll continue the conversation and showcase our full lineup of blockbuster games."
He added: "We are thrilled to pull back the curtain and reveal what we've been working on."
Rumours suggest that the revamped machine - codenamed Durango - will launch before the end of 2013, and feature Kinect 2.0, 3D technology, and possibly Xbox TV.
And an alleged leak back in January claimed the console would boast an eight-core CPU running at 1.6GHz, along with 8GB DDR23 RAM and 32MB of faster embedded SRAM. An 'always online' feature has also been rumoured at various online sources.
It will, of course, face stiff competition from the upcoming PlayStation 4, which is also expected to launch later this year.
Are you looking forward to the launch of the Xbox 720, or will the PlayStation 4 prove the mightier machine? Leave your comments below...