Sources also say that the new console will be able to support the Oculus Rift, which is why Microsoft is now working to partner with Oculus in the months leading up to launch. According to Kotaku Microsoft at the moment is in talks with Oculus.
Microsoft is playing catch-up when it comes to console sales. The second console, which is reportedly a "slimmed down version of the current hardware", will also receive a controller redesign.
That makes Microsoft's upcoming E3 2016 press conference very exciting, so make sure you tune in for it in case both new consoles are announced live on stage. It's believed that at present, the PS4 operates at a peak performance of 1.84 teraflops whereas the Xbox One operates at 1.32 teraflops. Meaning, instead of huge hardware updates every five to seven years, consoles will release every 2-3 years, with full forward and backward compatibility across new versions. The Verge will be covering Microsoft's E3 event live at 12:30PM ET / 9:30AM PT on June 13th.
There's plenty to guess at with that information, but it doesn't seem like it's going to be part of a Microsoft franchise. This project's goal is to blur the lines between the Xbox One and Windows 10, with games getting released for both simultaneously.
So the question remains, how will this affect current Xbox One owners?
Kotaku revealed that the new Xbox One Slim will feature a larger 2TB hard drive, an upgraded GPU that provides it with 4K video support and the same I/O transfer speed.
Microsoft has been hard at work preparing two new Xbox models for release sometime in the next two years, according to Kotaku.
These apart, a more powerful GPU capable of supporting 4K game is nearly a certainty with the new Scorpio.
We'll find out just what this game is (and who it's developed by) when it's unveiled at E3 next month.
Microsoft has been contacted about the rumours and responded, in the expected way, saying: "We do not comment on rumors or speculation".
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