Microsoft - Live Event - Xbox 360 - 001

Now that Sony has laid bare its PlayStation 4 plans, it's Microsoft's turn to unveil next-generation console strategies. According to sources speaking with The Verge, the Redmond company has something tentatively prepared for May 21—a Tuesday—where Microsoft will reveal "the very first details on the next Xbox," along with what lies ahead for 2013.

As of now, the event will supposedly take place in a smaller venue to focus on a more intimate experience, with more information set for E3 in June. A separate report from Bloomberg on Monday claims the next Xbox will use an AMD system-on-a-chip that combines "Jaguar" central processing units with graphics chips. If so, this will follow Sony's lead, and make developing for both consoles and the PC easier overall.

Information surrounding the next Xbox has been hot following comments made by Adam Orth, Microsoft Studios Creative Director, about the console's potential always-on functionality. Microsoft has allegedly gently reminded employees not to talk about the possibility of the next-gen Xbox, in the wake of Orth's rant, and that any info remains confidential.

Once the next Xbox does drop, The Verge's sources claim the software will be based on Windows 8, allowing Microsoft to essentially unify its many products and services across the board. That sounds to us like a real possibility, but we have no way of knowing until we hear it straight from Microsoft. May 21 certainly isn't all that far away; for now, we'll have to sit back and see what else materializes out of the rumor universe.