11/30/2012 03:14 pm ET

'Xbox 720' Release Slated For Holiday 2013: Bloomberg News

It has been seven years since Microsoft released a new Xbox, but gamers may not have much longer to wait for the next generation.

Unofficially known as the "Xbox 720," the long-rumored gaming console is expected to hit stores in time for the 2013 holiday shopping season, according to a tip Bloomberg News received from insiders this week.

"The new device is planned for Thanksgiving and Christmas sales, said the people, who declined to be identified because the product road map is confidential," Bloomberg's Dina Bass and Ian King. "The software maker hasn’t decided whether to unveil the new Xbox at an industry event such as the E3 show in June, or a separate event devoted solely to the machine, one of the people said."

The forthcoming device -- also known in circles of gaming aficionados as the Xbox Infinity, Xbox Loop or Durango -- is likely to be faster and more powerful and may feature deeper Kinect integration and may even bring augmented reality 3D into gameplay. According to reports by the magazine Xbox World, cited by CNET, the next Xbox will debut with "Kinect 2.0" and a built-in Blu-ray drive; it may even support augmented reality glasses.

TechRadar says that a new Xbox 720 (or whatever it ends up being called) will retail for $299.

What do you think of the latest Xbox rumor? If you've been waiting on tenterhooks for Microsoft's next-gen gaming console, can you hold out until next year? Let us know in the comments.

[h/t HuffPost Tech U.K.]