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The wait has been ridiculously long, but it's finally here, Microsoft have announced that they will be revealing the next generation Xbox this year via a press release and similarly looking emails sent to Xbox Live subscribers.

The new Xbox, Xbox 720, Xbox Next, or whatever Microsoft decide to call it will be revealed on 21st May, which is a date that Microsoft has started sending out press invites to.

The event will take place at Microsoft's Xbox campus near Seattle just a month before E3 makes the headlines.

Microsoft have obviously planned this release to help build up hype for E3, where they have said that "At E3 we'll continue the conversation and showcase our full line-up of blockbuster games," in their press release.

Although Sony didn't reveal what the PlayStation 4 actually looked like at their press event, they did announce it to the world, and excitement has been rippling through the PlayStation community. However, if the Xbox want to get a good head start over the PS4, it would make sense for Microsoft to actually show the new Xbox at their press event on May 21st instead of only talking about hardware specs and software capabilities.

Whatever Microsoft have up their sleeves to show on May 21st, it's bound to get gamers excited, and we can all hope that something groundbreaking reaches our living rooms later this year.