The new console is said to be "expensive" and could cost up to $500 USD, or $300 with a subscription model.
That's according to US reporter Paul Thurrott, speaking via What The Tech and well known in technology circles for his Microsoft leaks.
According to Thurrgott Microsoft originally planned to unveil its next console at the end of April - as first reported by CVG but the firm has shifted focus to an event in May.
[UPDATE: The Verge has backed up Thurrgott's claims and is also reporting plans for an Xbox reveal on May 21.
"Sources familiar with Microsoft's Xbox plans have revealed that the event will be at a small venue with a focus on providing the very first details on the next Xbox, codenamed Durango, and Microsoft's plans for Xbox in 2013," it says.]
The next Xbox will be a Windows 8 device and use Blu-ray discs, he said, with a release planned for this November.
"Durango is going to be expensive; $500, $300 with a subscription - that kind of thing," he said.
"Originally, they were going to announce this thing on April 24. Now they're going to announce it on May 21. We know there are events occurring this year where we're going to learn more about Durango.
"E3 is going to occur, Build is going to occur in San Francisco in June when they're going to talk about the developer story - because it's a Windows 8 device. It's going to have the same, or basically the same, developer tools and developer APIs and all that kind of stuff."
The blogger also corroborated the growing number of reports that the next Xbox will require an internet connection to play games, but expressed surprise over the negativity surrounding Durango in some corners of the gaming public.
"Going back and looking at some of the stuff I got a long time ago, it actually says 'must be internet connected to use' - that's in the notes. That's all I have, but it does say that," he said.
"For me everything I've seen has been really positive. It's amazing to me that based on no information at all everyone is freaking out.
"Aside from this online thing, the number one concern I've gotten from people is 'what does it look like?' Who gives a shit?"
Thurrott also claims Microsoft will launch a new Xbox 360 console this year, 'codename Stingray', for $99.
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Source: http://www.computerandvideogames.com/399649/rumour-next-xbox-will-be-expensive-may-21-reveal-suggested/
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