Microsoft announced its Xbox Music at the E3 gaming event earlier this year, and now rumors suggest that the Redmond-based company is set to launch the service on Oct. 26.

In June, Microsoft unveiled its revamped music service, Xbox Music, which includes 30 million tracks available on the Xbox and devices that run on the Windows 8 OS. The service is expected to compete against iTunes, Pandora, and Spotify as Microsoft's attempt to convert the Xbox gaming console into an entertainment hub.

Microsoft, however, has not confirmed the release date news and a spokesperson for the company chose to stay evasive.

"What we can say is we're excited for Xbox Music as our definitive music service. It'll bring great new ways to enjoy, share and discover new music on all your Windows 8 devices, Xbox 360 console and Windows Phone 8. We'll let you know when we have more information to share," stated a Microsoft spokesperson to CNET.

According to The Verge, multiple sources have confirmed that Microsoft will launch its new game console music service, Xbox Music, alongside its latest operating system, Windows 8.

"Microsoft is preparing to launch its Xbox Music service on October 26th. Multiple sources familiar with Microsoft's plans have confirmed the new service will launch at the same time as Windows 8," reported The Verge.

The site also reported that Xbox Music will have a paid as well as a free streaming option. However, the free service will have advertisement support, unlike the ad-free subscription offering. The new service will be available on Windows-powered phones, tablets, PCs, and the Xbox 360.

A key aspect of the service is integration of Microsoft's SkyDrive, which will enable users to store music and playlists in the cloud. Reportedly, Microsoft also has long-term plans to offer the Xbox Music service across multiple platforms, like iOS and Android, rather than limiting it to Windows 8.

The Verge report also claims that Microsoft intends on launching an Xbox dashboard to offer support for Xbox Music on its console. Moreover, the software company is also expected to upgrade its Video and Music applications for Windows 8, so that the apps can completely support Xbox Music at the time of the launch.