Update: The Xbox One is here! Read our review
According to Bloomberg, the next-gen console will indeed use an AMD Jaguar x86 system-on-a-chip to replace the IBM PowerPC processor and Nvidia graphics card currently in the Xbox 360. We've expected something like this would happen, though now have additional evidence that AMD will find its way inside the console.
The inclusion of AMD, unfortunately for some, further suggests that the next Xbox won't support games built for Microsoft's older systems.
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Microsoft is gearing up to reveal the next Xbox – aka the Xbox 720, Durango, "that Microsoft games thingy" – on May 21, according to multiple reports.
Speaking to What The Tech, Microsoft analyst Paul Thurrott claimed that this will be the date of the reveal, and that the console will have an early November release date, at least for the US. The Verge has also backed word on a May reveal.
This puts it a month later than the previously-rumoured April 24 date, and more than two months after Sony's PS4 announcement.
But here comes the bad news, folks. The console will apparently be "expensive", costing around $500 (£326/AUS480) with a scaled-down model releasing alongside for around $300 (£195/AUS$290). The latter will supposedly be available via a subscription deal.
Don't put all your X in one box
And if that wasn't enough news on the Xbox front, Thurrott also discussed a budget-priced Xbox 360 on its way - codenamed "Stingray" - that will appear for $99 (£65/AUS$95) later this year.
This, of course, has kicked off speculation online that the Xbox 720 won't be backwards-compatible, but let's not forget Nintendo did a similar thing recently with the release of the Wii Mini, while the Wii U plays old Wii games just fine.
Thurrott has also backed up enduring claims that the console will be always-online. Last week, Microsoft Studios' creative director Adam Other took to Twitter to hit back at criticisms of an online-only platform, leading many to believe this confirmed rumours.
As E3 2013 draws ever closer, we were beginning to suspect that Microsoft might end up waiting for the games event to lift the lid on the 720 tin. But with Sony and Nintendo now ahead in the next-gen race, it's probably best for Microsoft to act sooner rather than later.
Check out the 5 features we're hoping to see in the next Xbox in the video below: