While both Xbox 720 and PlayStation 4 from Microsoft and Sony, respectively, have been garnering new information regarding specifications and features almost every day, nobody really knows as to when the devices will arrive. Now, per reports, it has been stated that Microsoft is expected to release the next version of its Xbox in time for the holidays next year.

According to a Bloomberg report, the new game console is planned for Thanksgiving and Christmas sales, per Microsoft insiders, who declined to be identified because the product road map is confidential. However, the Redmond-based company 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 insiders said.

This news is not a major surprise to most as it has been rumored for quite some time that Microsoft may reveal the eagerly-anticipated gaming console by next year. While the company isn't having any trouble selling its current generation Xbox 360 game console even though it's seven years old - it recently reported sales of 750,000 units over the recent Black Friday weekend - that doesn't mean it isn't working on the next generation of the platform.

It has been reported that the new next-generation Xbox will debut a year after Nintendo’s brand-new Wii U, which went on sale Nov. 18 in the U.S.; however, Microsoft is not the only one in the race as Sony is also believed to be readying an update to its PlayStation console.

As far as Microsoft is concerned, the company is also reportedly working on a stripped-down version of the console for next year that will favor home entertainment services over hardcore gaming.

“While Xbox 360 had a strong Thanksgiving week, there are signs the console market is overdue for updates to boost sales, which have been declining. U.S. retail sales of video-game software, hardware and accessories dropped 25 percent in October from a year earlier to $755.5 million, according to researcher NPD Group Inc,” the Bloomberg report states. “While Microsoft has led in console sales in the U.S. for the 22 months through October, its monthly sales have been declining, NPD said.”

However, nothing is known about the new console’s features and specifications as of now.