The next flagship Xbox, known as Xbox Project Scarlett, is one of the most anticipated console launches of all time... alongside the rival Sony PS5, naturally.

This all-new Xbox Project Scarlett video reveals an early first look at what the teams at Microsoft are currently working on, and just how sleek and powerful the new console could look when it arrives next year.

The Xbox 2 video comes courtesy of respected designer Concept Creator, who has based the design in the video on a number of recent leaks and rumours circulating online. The YouTube video creator has also based elements of the design on Microsoft's current flagship – the Xbox One X, which is currently the most powerful home console money can buy.

Looking at the design, this Project Scarlett console has borrowed a little of the Xbox One S' dimpled hole cooling grill seen in the top plate of the console, while the rear-mounted ports, which we are pleased to see seemingly includes a digital optical out, have been dropped down to the bottom of the console.

Interestingly, there also appears to be a brace of USB Type-C ports on the front of the machine, which compliment a brace of traditional USB ports on the rear. Elsewhere, there's a traditional disc drive slot, which feels consistent with reports that the flagship Scarlett console will still be able to use physical media.

Naturally, the name "SCARLETT" is emblazoned on the system, too, which seems like a nod to the limited edition Project Scorpio consoles that Microsoft made available. We think the chances of Microsoft doing the same for the next-gen is very high.

The Xbox Project Scarlett controller here looks very similar to the existing Xbox One controller, however there is an addition of a glowing curved light that sits underneath the center-mounted power button.

It has been heavily rumoured that Microsoft is looking to incorporate some more of the advanced features from the Elite Controller 2 into its next-gen controller, so on the face of it this one looks a little light weight. There's no denying though that the existing Xbox One controller is fantastic in terms of ergonomics.

Overall, then, this feels like quite a conservative imagining of how Microsoft's next Xbox flagship console will look, however it does seem to flow with current predictions that a machine that Xbox boss Phil Spencer has said will "set the benchmark for console gaming" with four times the power of the Xbox One X, will need some serious cooling tech chops, which feels very realistic.

Hopefully more details about how the Xbox Scarlett will look and perform will be forthcoming soon, with both it and the Sony PlayStation 5 currently slated for release next year in 2020.