Priced at $109.99 and listed as coming soon, the official accessory offers additional storage space on the console for games, movies and other content.
The existing 320GB hard drive accessory is currently listed for $129.99/£79.99, although a price cut would appear likely once the new one is released.
We've asked Microsoft if it plans to release the new hard drive outside of the US.
Standard Xbox 360 consoles now come with 4GB and 250GB hard drives, although some special editions offer more storage space.
Despite Microsoft having switched much of its focus to Xbox One, Xbox chief marketing and strategy officer Yusuf Mehdi said in September 2013 that the company would continue to support Xbox 360 for years to come.
"If you look at Xbox 360 that platform has lasted for seven to eight years and it's going to go for another three years," he said.
"We are going to continue to invest in Xbox 360 and the two devices can work in concert. In fact, we are going to ship over 100 new games on Xbox 360, so you will still be able to play your games, just not on the same exact box."
A number of Xbox exclusive cross-gen games were announced at Gamescom in mid-August, including Rise of the Tomb Raider and Frontier Developments' ScreamRide.
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Source: http://www.computerandvideogames.com/474850/xbox-360-500gb-hard-drive-incoming/
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