Rumors of an Xbox 360 successor have been gathering steam in recent months. Blame part of this on the fact that the six-year-old console is simply inching closer to its eventual replacement. There's also the possibility that there's some actual truth behind the rumors. The latest comes "sources close to the project" speaking to IGN, and it gets pretty specific.
Assuming the unnamed sources are correct, the next-generation Xbox will arrive in late-October or November 2013 packing a GPU modeled after AMD's Radeon HD 6670 video card. That means DirectX 11 and 3D display support, as well as multidisplay output. 1080p too, but that should go without saying at this point. The new console is expected to be roughly six times more powerful than the Xbox 360 and "will yield 20 percent greater performance than" Nintendo's Wii U.
The system configuration should be finalized by August, which is when developers are expected to start receiving their devkits. Given all of this, an E3 reveal is likely, assuming of course that the sources are accurate.