Various rumors of the next-generation Microsoft gaming console, the Xbox 720, have been surfacing for quite some time and now, when we are just one day away from the official announcement of the device, new rumors have emerged.

Microsoft is anticipated to showcase the next Xbox at a special event at its Redmond, Washington campus on May 21 and many gamers are eagerly waiting to know more about the next-gen gaming console.

A recent report from Xbox-scene cites the next-generation Xbox as the Xbox Now and hints some more hardware specifications of the device. The report suggests that the new gaming console will have 12GB of high-speed RAM rather than 8GB as previously rumored.

The report speculates that there will be 4GB GDDR5 on the GPU and 8GB GDDR5 on the eight-Core IBM custom CPU. The GPU on the console will be the first GCN 2.0 GPU produced and is designed by a special team of MS+IBM+AMD.

The Xbox-scene report says "Eric from IBM will be a speaker on the 21st with more info like the fact the GPU specs are a mindblogging 4.9 TFlops."

It seems that Microsoft is on track to unveil one of most-wanted gaming consoles of the year and just before the launch, the company has revealed a new Xbox Blog, called the Xbox Wire. The blog will keep consumers up-to-date with all the latest news and content from the company.

A recent report suggests Microsoft will launch two version of the upcoming Xbox at two different price points, one at $299 and the other for $499. Even though Microsoft is expected to reveal the next Xbox it is highly unlikely that the company will reveal full information, especially the exact pricing of device.