New leaked specifications for Microsoft's Xbox 720, code named Durango, were allegedly leaked by VGLeaks on Jan. 21.
The site claims to have gotten hold of the specs for the latest platform from Microsoft which was displayed as the official layout of the gaming system.
The new Xbox will reportedly have an 8 core CPU running at 1.6GHz, 8GB of RAM, Blu-ray disc drive and feature Gigabit Ethernet, according to TechRadar.
The Xbox 720 should also come with an 800 MHz graphics card, which is a step up from the one currently in the present Xbox system which packs only 500 MHz.
While fans look over the rumors for the next gaming system, Microsoft officially announced a new way to play using the next Xbox.
Microsoft unveiled its new IllumiRoom technology at the Consumer Electronics show earlier in the month which will reportedly be used with Xbox 720.
The IllumiRoom concept creates an immersive gaming experience that can change the appearance of a room. The technology uses the Kinect Sensor and a digital projector that scans the room to create a new way for gamers to play.
A video was posted on YouTube by Microsoft's research team that shows how the new product will work to expand the gaming experience beyond the reach of a standard television screen.
Microsoft may announce the new console release around the Game Developers Conference in March.
The February issue of Game Informer magazine stated that an "Apple-style press conference" will take place at the Game Developers Conference which will take place Mar. 25-29, according to a report by VideoGamer.com.
The price for the gaming console is rumored to be around $350 to $400.