Bloomberg is reporting that Microsoft's eagerly awaited new Xbox console will arrive in time for next year's holidays.

The news wire reports that "people familiar with the matter" claim that the console will be ready for Christmas sales in 2013. Speculation surrounds exactly when it will be officially announced, with the sources suggesting that Microsoft "hasn't decided whether to unveil the new Xbox at an industry event such as the E3 show in June, or a separate event devoted solely to the machine".

Hardware-wise, rumours suggest that the next Xbox looks set to be a bit of a beast, featuring four hardware cores, each divided into four logical cores, and 8GB of RAMto keep it chugging along. You might even find Blu-Ray, Kinect 2.0 and some jazzy AR glasses thrown into the mix, too. The holiday period of 2013 can't come soon enough. [Bloomberg]