American software company Microsoft has reportedly decided to end the long wait for its next generation Xbox.

Latest reports suggest that the Xbox 720 is likely to be unveiled at the Microsoft's FY2014 event which is scheduled for 5 March. The three-day event is usually reserved for the game press, investors and the company partners.

The event agenda shows a number of sessions for Xbox, though there is no particular mentions about Xbox 720. At the same time a session scheduled for Wednesday was listed as 'IEB XBOX 360' and all the other Xbox sessions for the next day were listed as 'XBOX PLATFORM DEEP DIVE', 'XBOX GAMES', and 'XBOX Q&A'.

The Microsoft's FY2014 event agenda was revealed by a Twitter user, who goes by the name Superannuation. One of tweets read, "Wait, select press are going to be at the Microsoft fiscal year 2014 event this week?"

"I thought that it was MS partners only. Hmm. There are a bunch of invite-only sessions about Xbox."

According to reports, the press will get a glimpse of the new gaming console on Wednesday or Thursday. The event time-table clearly mentions that it is only for invitees.

Meanwhile, a report published by JoyStiq said that the Phosphor Games Studio has launched a demo of the next-generation gaming console under a project codenamed 'Project Awakened'.

Phosphor Games Studio described the new project like this: "The idea of Project Awakened is so different from what is out there, publishers don't know how they can fund it.

"We've pitched this idea to every major publisher, and while they all like the concept, they are also afraid of uncharted waters.

"Their data shows that studios can only sell a familiar gameplay experience or a sequel, not an innovative new IP," as quoted by The Examiner.

There has been much talk about the Xbox 720's release date for the past couple of months. Earlier in January, there were reports that the next-generation gaming console will be unveiled at the upcoming Electronic Entertainment Expo (E3) which is scheduled to take place in Los Angeles from 11-13 June.

Also, a countdown to the E3 launched by Xbox official blogger Major Nelson has sparked speculation that Microsoft is gearing up to unveil Xbox 720 at the event. The console was speculated to release around the same time as the unveiling of the "Destiny" game in October.

Check out the tech demonstration of Project Awakened Unreal Engine 4 (UE4) in the video below: