After weeks of rumor and speculation, Microsoft has confirmed that it will be holding an event on Tuesday, May 21st at 10am PST to unveil its next-generation Xbox, commonly referred to as Durango or Xbox 720. The event will take place at the company's Redmond, Washington campus.

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In an official blog post , Microsoft says that the event will "mark the beginning of a new generation of games, TV, and entertainment," and will come accompanied with a live broadcast on Xbox.com, Xbox Live, and Spike TV. Interestingly, the post goes on to say that the event will serve as only an initial "taste," but that it will save its larger lineup of games for E3."On that day, we’ll share our vision for Xbox, and give you a real taste of the future. Then, 19-days later at the Electronic Entertainment Expo (E3) in Los Angeles, we’ll continue the conversation and showcase our full lineup of blockbuster games."Additional details remain scant, but you can rest assured that IGN will be on-the-ground and offering live streaming coverage, as well as in-depth analysis and features.For those who haven't been following the deluge of pre-event rumors, the next-generation Xbox is expected to herald the arrival of Microsoft's comprehensive home entertainment strategy, offering significant leaps in graphics processing power interactive streaming media , and a new, more powerful Kinect The event comes just a few short months after Sony debuted the PlayStation 4 at a special event in New York City.

Scott Lowe is IGN's resident tech expert and Executive Editor of IGN Tech. You can follow him on Twitter at @ScottLowe and on MyIGN at Scott-IGN