Update:

A Microsoft spokesperson provided the following statement to IGN:

"Xbox 360 has found new ways to extend the console lifecycle by introducing controller-free experiences with Kinect and re-inventing the console with a new dashboard and new entertainment content partnerships. We are always thinking about what is next for our platform and how to continue to defy the lifecycle convention."

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Microsoft is reportedly planning to release its next console in time for the 2013 holiday season. According to a new rumor from Bloomberg , people “familiar with the company’s plans” say the new system is aiming to take advantage of Thanksgiving and Christmas sales, though the sources chose to remain anonymous “because the product road map is confidential.”Microsoft is said to still be deciding when the console will be revealed, currently weighing a reveal at E3 against a separate, dedicated event like the announcement of the Xbox 360 in 2005.Bloomberg’s report seemingly confirms earlier rumors about the next Xbox’s release timing, including word from developers that the next generation will begin in 2013 and multiple rumors suggesting Microsoft is aiming for the end of next year While nothing is set in stone, a late 2013 launch is feasible considering Xbox 720 development kits are already in the wild and Microsoft is reportedly beefing up security to prepare. Recent rumors suggest Microsoft could even be prepping two versions of its next console We’ve reached out to Microsoft about the rumor, but it typically doesn’t comment on rumor or speculation so we aren’t expecting to hear much. While details on the next Xbox are thin, find out what we know so far in our analysis of one of Microsoft’s recent patents as well as Microsoft’s plans for an immersive display experience

Andrew Goldfarb is IGN’s associate news editor. Keep up with pictures of the latest food he’s been eating by following @garfep on Twitter or garfep on IGN.