A lot of rumors have been swirling around the new Xbox console as of late, including what kind of chip it will use (x86), a requirement for an Internet connection so that it's "always on", a new Kinect add-on and so many more.  When will we learn what it's all about?  Hopefully not too much longer now.

Apparently Microsoft is gearing up to announce the long-anticipated Xbox 720 (aka "Durango") console on May 21st.  It differs a bit from the previously announced April reveal, but it does move the reveal closer to the E3 event in June where the company is likely planning to expand on the reveal from the May event.

The Verge revealed the news yesterday, stating "Sources familiar with Microsoft's Xbox plans have revealed that the event will be at a small venue with a focus on providing the very first details on the next Xbox, codenamed Durango, and Microsoft's plans for Xbox in 2013."

The question is: will it or won't it?  Whatever details unfold, we'll bring them to you here, so you can plan accordingly…