Xbox 720 Release Date: New Rumors Say Next Console is Smaller, Cheaper

New rumors on the upcoming video game console from Microsoft are pointing to a different name, smaller size and cheaper price point.

The Xbox 720 may now go by "Xbox Next." The system will also go by the codename "Loop."

The console's features and specifications are rumored to include a new Windows operating system. This new OS could possibly be the successor to Windows 8 that may be called "Windows 9."

Video game website Develop previously reported the company and its industry associates are working towards a 2013 launch of the next generation Xbox.

A number of sources have noted that gamers should expect to get their first glimpse of the console at E3 2013, months before its official release.

These rumors point to a 2013 launch for the system across all main regions, though early 2014 also remain a possibility. Some analysts predicted that the next Xbox video game console would not be in stores before the holiday side of 2013.

Some of the rumored video games said to be in development for Microsoft's next console are Mass Effect 4, Alan Wake 2, Saint Row 4, and Fable Next.

A few job listings recently posted by Microsoft also provide some insight on the company's development plans.

One of the job positions posted was for a graphics hardware architect, who will be "responsible for defining and delivering next-generation console architectures from conception through implementation."

The next position posted by Microsoft calls for a senior architect and performance engineer. This job role will also enable the hired individual to work with the "XBOX Console Architecture Group."

The group's job duties are as follows: "Our group is involved in product definition from early evaluation all the way through high volume manufacturing."

The final position that points to the development of Microsoft's next console is that of a senior hardware design verification engineer.

The person who acquires this job "will be responsible for the design verification and qualification of the Xbox console at the component, motherboard, and system levels."

Microsoft has given no official word on the next Xbox thus far.