The next major addition to the Xbox family, the Project Scorpio, is now scheduled for release in the holiday season of 2017. The new console is said to be four and half times more powerful than the existing Xbox one.

Microsoft made a splash when they announced that they are currently developing an all-new powerful console amid the Electronic Entertainment Expo (E3) in Los Angeles Convention Center last June.

"The important thing for Scorpio is that it's a dramatic step up for us in terms of hardware capability," Xbox chief Phil Spencer told The Verge in an interview. "Because as we saw 4K gaming and really high-end VR taking off in the PC space, we wanted to be able to bring that to the console."

Spencer added that Project Scorpio is actually an Xbox One that can natively run games in 4K, equipped with hardware capabilities to bolster the high-end virtual reality. He stressed that Xbox Scorpio will be the most powerful console ever built.

Aside from that, in-depth details about the much-awaited console remains scarce. Nonetheless, it was learned that Xbox Scorpio will be powered by an 8-core yet-to-be-released AMD CPU that accompanies a graphics card with 6TFLOPs power, Tech Radar reported. The console will also come with 320 gigabytes of memory bandwidth.

However, players will apparently not be able to fully enjoy the console's powerful features in the event that they just own a 1440p or a 1080p monitor. Some tech critics strongly suggest that consumers should not purchase Xbox Scorpio if they do not have a 4K TV, stating that it was originally designed as a 4K console.

Though nothing has been announced so far, speculations are rife that the Xbox Scorpio may cost around £500 ($600). The console is expected to hit the store shelves sooner or later in November 2017.

Check out the video below for more information.