Xbox 720 to release in 2013 holiday period - rumour

Anonymous sources have said the next Xbox console, commonly referred to by the nickname Xbox 720 or rumoured codename Durango, is pegged for a late 2013 launch.

Bloomberg cites "people familiar with the company’s plans" for word of Microsoft's alleged schedule.

The sources asked not to be identified as Microsoft's plans are under wraps, but said the next console should arrive in time for Thanksgiving sales.

Microsoft is said to have not yet decided whether to debut the hardware at E3 2013 or to host a dedicated event.

The new rumours align with a bevy of whispers which have increased in volume over the last eighteen months, all pointing at 2013 launches - or at least reveals - for new Microsoft and Sony consoles. Nintendo's latest offering, the Wii U, makes its European debut tonight, and is already available in the US and Australia. Development kits have been spotted in the wild, which certainly lines up nicely.

This latest report runs counter to word that magazines would debut the next Xbox as early as December.

VG247 has been told the new Xbox will feature a Blu-ray and require an always-on Internet connection.

Thanks, GameInformer.