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The Xbox 720 could be with us in October 2013 if reports that its new, super-charged chipset have entered production are true.
A job posting for work on a future iteration of Call of Duty has the internet all aflutter over its mention of 'next-gen tech'.
Rumours are rife that this year's E3 could be one of the most important shows in gaming history, with the Sony PS4 and next Xbox to be announced.
Microsoft has made no secret of the fact that it is transforming the Xbox 360 in a media hub to extend its life, but it looks as if the company is going a step further by adding PVR functionality to the next generation of the console.
Microsoft is set to unveil the Xbox 720 at CES 2012 in January, with the dev versions of the console set to land before Christmas.
The Xbox 720 codename has been revealed as 'loop', presumably by people who are in the loop about these kinds of things.
A number of Microsoft employees have announced that they are working on a next-gen Xbox, giving the game away on their LinkedIn pages.
Microsoft is riding high with its Xbox 360 at the moment; with Kinect selling like hot-cakes and some major games on the horizon as it continues its familiar battle with Sony's PlayStation.