Microsoft's new and improved Xbox Live dashboard update is arriving next week, according to Win Rumors.

The technology website said the dashboard update comes with Facebook integration features, Cloud data storage functionality and PayPal compatibility.

Microsoft also made contract deals with content providers such as the BBC, HBO and Bravo. These content partners are meant to present even more television and movie content for the Xbox 360 console.

The dashboard update was previously rumored to arrive on the Xbox 360 on Nov. 15. A public beta for the update launched in September.

Microsoft's official slogan for its dashboard update is "all the entertainment you want, with the people you care about, made easy."

Other reports have surfaced about the expected launch date of Microsoft's rumored Xbox 720 coming in 2013. Develop, a video game website, had several sources claim the console could arrive at the E3 gaming expo in June 2013.

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Leaked information also points to the system's launch title. Lionhead Studios is said to be working on an addition to the Fable series, codenamed Fable Next.

The video below highlights the revamped Xbox interface, Windows Phone integration, and Kinect features:

The video below shows more on the Kinect integration: