(Pocket-lint) - Microsoft has officially announced the Xbox One X - formerly called Project Scorpio.

The new console will be out later this year, from 7 November, for $499 in the US, £449 in the UK.

It's not cheap.

However, it is undoubtedly the most powerful, best spec'ed console yet.

We already heard many of the official specifications prior to the Xbox E3 2017 Media Briefing, where the console was formerly revealed. It has a custom processor running eight custom x86 cores clocked at 2.3GHz. The graphics chip offers 40 customised compute units running at 1,172MHz. There is 12GB DDR5 RAM, with memory bandwidth listed at 326GB/s.

The consumer One X will sport a 1TB hard drive (not solid state) and there'll be a 4K Ultra HD Blu-ray player for you to spin the latest discs - something its main rival, the PlayStation 4 Pro is unable to do.

The Xbox One X will be compatible with all Xbox One games and accessories, and will enhance and improve existing titles to match the 4K graphics output.

Now games, such as Forza Motorsport 7, will play in 4K natively and at 60fps.

Thanks to clever internal cooling, even though it is considerably more powerful and faster than the Xbox One S - which will remain on sale - the One X is smaller than the existing model.

We'll bring you more as Microsoft reveals further details. We'll also be going hands-on with the Xbox One X in the next couple of days, as E3 2017 gets fully underway.

Writing by Rik Henderson.