Xbox 720 release pegged for 2013 Holiday period, according to new report

A new report from Bloomberg claims the next version of Microsoft's Xbox console — dubbed Xbox 720 — will release in time for the 2013 Holiday season.

The report didn't identify the specific source, but did say it was according to people "familiar with the company's plans." The confidential product road map plans for a Thanksgiving/Christmas release.

One of the sources said Microsoft hasn't reached a decision whether to unveil the new Xbox at an industry event such as the E3 show in June, or a separate event entirely devoted to the new console.

The rumors, which haven't yet been confirmed, do fall in line with the speculation that has taken place over the course of the last 18 months. Most rumors have pointed toward a 2013 release — or at least a reveal — for a new Microsoft console.

In the meantime, Microsoft appears to interested in getting the most out of its current console. Black Friday weekend was dominated with discounted Xbox 360 bundles which resulted in 750,000 units sold in the U.S. That was almost double the amount of Wii U consoles sold.

Sony is allegedly also readying an update to its PlayStation console.