Gaming enthusiasts have been waiting for an update for the release of a new Xbox gaming console. Now it seems like all of their wishes are going to be answered as Microsoft reveals their updated gaming console "the Xbox 2: Project Scorpio."

The upcoming console is one of the most interesting and exciting release of Microsoft till date. Sources have even said that it can cross the appreciation given by the PlayStation 4 Pro.

According to the International Business Times, Phil Spencer, who is the head of Xbox, admitted the fact that the 'Xbox 2: Project Scorpio' will be released next year. Sources have told that the Xbox is coming up with features that are never seen in other gaming consoles.

The consumers are excited with the 4k games compatibility that upcoming gaming console will be having. Many also believed that the console will be supporting the 4k gaming that is tagged with Windows 10 integration.

Another is the VR-compatibility, the Project Scorpio is assumed to be VR ready that would eventually let users access the PC games in VR.

At the core of the gaming performance of any console is its Graphics Processing Unit (GPU). Xbox 2 will be having the 6 teraflops of GPU to support VR and 4K gaming that will make it one of the most powerful gaming consoles ever. It is also expected to sport an AMD Vega CPU and a powerful 5GB DDR5 RAM.

Other than this, it is also rumored that 'Xbox 2: Project Scorpio' will feature Xbox One content compatibility

Xbox 2 is expected to be compatible with Xbox One content. But as Microsoft will be scaling up games after its release, Xbox 2-specific games are rumored to not be compatible with Xbox One.

Regarding the price of the console, just the days after the latest Xbox One Scorpio price reveal, the new team behind the Little Nightmares has given some light on the console's graphical capabilities ahead of the 2017 release date.

Microsoft had previously said that Xbox Scorpio will cost more than the Xbox One S, which is currently priced at £250. It is rumored that the unit will be priced not much different than the current crop of consoles, Scorpio could stand to become an enormous success based on its high performance and modest cost.