Following Sony's PlayStation 4 announcement this week, Microsoft is said to be announcing the next-generation Xbox console at a media event in April, according to publication Computer and Video Games.
It's no secret that Sony wanted to get a leg-up on Microsoft with the earlier announcement of its console, but now it's Microsoft's turn to show its cards. The announcement of the console is said to be coming before the E3 trade show, where we expect games and accessories to be highlighted.
The report from Computer and Video Games lines up nicely with what we've heard in the past.
Leaks for the Xbox 720 (codenamed Durango) have indicated it will feature some serious power internally. An 8-core 1.6GHz processor, 8GB of DDR3 RAM, an 800MHz graphics card, a 6x Blu-ray drive, USB 3.0, and gigabit Ethernet are rumoured to be included.
Microsoft is also said to be introducing a new Kinect sensor that will include not only better tracking results for large rooms, but will ship with the console by default.
At its media event, Sony wasn't able to show the actual hardware for its PlayStation 4, and only detailed a few specs, the new UI, and controller with touchpad. It's not known if Microsoft will show off the console's design at its event. Leaks haven't pointed to what the design will look like as yet.
Baird Equity Research last month said the next-generation Xbox would be sold for $350-$400 (£232-£265) in the autumn, right in time for the Christmas shopping season that's sure to bring a slew of sales to the company.
Microsoft hasn't confirmed the April announcement.
READ: PS4: Everything you need to know
Given Sony's announcement, which are you more excited for: the Xbox 720 or PS4?