(Pocket-lint) - UPDATE: It turns out that the information below was an elaborate hoax. You can either read the article directly below to understand the context or skip to the last section under "update" to read a more detailed explanation.

The orginal story...

The Xbox 720 will not be called that when it is finally announced. Instead, Microsoft will be reverting to the name of its first games console released 11 years ago, Xbox.

In addition, it will be seen as a hub to a number of devices to carry an "X" branding, one of which will be the much-rumoured 7-inch gaming tablet, which Pocket-lint has learnt will be called X-Surface, not Xbox Surface as previously thought.

The X-Surface will not be a Windows 8 or Windows RT device, we have been told by a tipster very close to the project who, naturally, wishes to remain anonymous. Instead, it will be a standalone portable gaming system. On launch, we are informed, it will be able to access the games, music and video hubs of the new Xbox, but will not have any apps of its own. It will not have a desktop as part of its operating system, rather be entirely focused on playing full console-quality games.

Although there are no technical specifications touted, we have also been told that the X-Surface tablet has much-improved hardware over a Surface RT. With the source claiming that he/she "witnessed Unreal Engine 3 demos running at a solid 60fps".

There are also unconfirmed rumours that the X-Surface will have a proprietary 2.4GHz wireless protocol for compatibility with Xbox 360 controllers and, it is said, future control devices.

Best PS5 games 2021: Amazing PlayStation 5 titles to pick up

As for the "Xbox" itself, the tipster has confirmed some of the specifications previously leaked. "The majority of information leaked recently by many sources is true," Pocket-lint was told.

Microsoft is working with AMD on the central and graphics processors. The CPU will be 8-core, as previously rumoured, although each core will be running at 1.9GHz instead of the 1.6GHz reported. The rumours on the graphics trip were true, being an 800MHz GPU. "One benchmark used internally has been a custom build Watch Dogs E3 demo which runs at 55-60fps with only five cores at 100 per cent," we were told.

We've seen Ubisoft's Watch Dogs demo running on a super powered PC at E3 2012, so if this is true, the Xbox's graphical prowess will be most impressive.

One incorrect former rumour about the new Xbox that has been quashed by the tipster is that one of the cores will be dedicated to running the operating system. The OS will have a similar look to Windows 8, with moveable tiles, but won't be literally using that software. It will also require two-cores to run, as it will remain active in the background in order to provide full multitasking functionality. "Very much akin to Nintendo's offerings on 3DS and Wii U - but on a far larger scale," explained the source.

A couple of the features of multitasking explained to us include video calling in games (with users able to determine which corner of the screen to place the feed), and the ability to take screengrabs to save to hard drive or SkyDrive.

The source hasn't had access to the new Xbox controller, but says that button placement must be the same considering a normal Xbox 360 controller has been used in development. It will look different however, we have been told, as two design teams have been working on the controller alone.

Naturally, when a tipster is anonymous, there is some degree of trepidation attached to believing what they say verbatim. However, considering the facts Pocket-lint has been given, and the lack of outlandish claims, everything our source says is plausible.

What we haven't yet learnt is when the console will be launched, at E3 or a separate dedicated event. We'll keep you posted.

UPDATE It seems that Pocket-lint has been had by the anonymous tipster who supplied the above information, and we're not the only ones.

A number of sites, who subsequently reported on the story, have also been fooled into thinking that a genuine insider - now calling himself X-Surface - revealed details on the alleged new gaming tablet and Xbox console. He outlines his entire plan, how we fell for it, and his reasons for doing so on a Tumblr site here.

However, he conveniently ignores the fact that at the end of our posting, we did finish the story above with a disclaimer. "Naturally, when a tipster is anonymous, there is some degree of trepidation attached to believing what they say verbatim. However, considering the facts Pocket-lint has been given, and the lack of outlandish claims, everything our source says is plausible," we wrote. And that's just it, everything said in the fake "tip" was plausible.

There were no outlandish claims - such as the next Kinect will be a inside a hat or the new controller will look like Charlie Chaplin's moustache. So we gave him the benefit of the doubt because there was little reason not to, considering the content and what we have heard before. We did suspect that we could be taking a punt on the validity, as the paragraph above and in the original story shows, but decided to publish anyway because, like you, we like to read rumours and hearsay. Let us not forget that iPhone 6 rumours appeared the same day as the iPhone 5 was launched, but we still want to read them.

Sadly then, X-Surface has fooled us, and in doing so has perhaps swayed us against bringing you genuine tips in future, such as the Opera Ice browser exclusive we ran at the end of last week, which also started out as an anonymous tip, but grew into so much more. That's perhaps the saddest part of all.

What do you think? Will the next Xbox console be simply called "Xbox"? Do the specs sound convincing? Let us know in the comments below...

Writing by Rik Henderson.