You heard it first on the grapevine and now Microsoft has finally let the cat out of the bag about the much-rumored Windows Blue. Microsoft has confirmed that plans are afoot for a project that is internally referred as "Blue."

Microsoft let on that a product with "Blue" in its title would not be hitting the market, but the recent leaks and rumors cannot be discounted completely.

"Blue" is apparently Microsoft's codename for an update to its products and services and was confirmed by its Corporate Vice President of Corporate Communications, Frank Shaw. He confirmed the name in a status update posted on the official Microsoft blog.

"With a remarkable foundation of products in market and a clear view of how we will evolve the company, product leaders across Microsoft are working together on plans to advance our devices and services, a set of plans referred to internally as 'Blue' - N.B. chances of products being named thusly are slim to none. And don't start with the 'so you're telling me there's a chance' bit," notes Microsoft's Frank Shaw in an official blog post.

For the uninitiated, Windows Blue is a series of updates which will improve the not-so-great features of Windows 8, which could use some polishing. At this juncture, details regarding the update are not many; however, a possibility exists that Microsoft will disclose more nuggets of wisdom at its impending BUILD conference in June (which it announced on March 26).

Microsoft's earlier announcement let on that it will be revealing "what's next" for Windows, Windows Server, Windows Azure, Visual Studio, TechEd and more at the conference.

A leaked video of Windows Blue has already been making the rounds online and given us glimpses of what to expect. However, come June, we may see what aces Microsoft has up its sleeve.