Microsoft's much speculated Xbox 720 has been keeping the rumor mill busy with new information surrounding the console's specifications and features emerging frequently. Per a Bloomberg report, Microsoft is slated to release the next version of the Xbox in 2013, in time for the holiday season.

"Microsoft Corp. will release the next version of its Xbox video-game machine, the top-selling console, in time for the holidays next year, according to people familiar with the company's plans," reported Bloomberg.

The Bloomberg report cited Microsoft insiders, who chose to remain anonymous, and goes on to disclose that the new console is planned for Thanksgiving and Christmas.

"The new device is planned for Thanksgiving and Christmas sales, said the people, who declined to be identified because the product road map is confidential. The software maker hasn't decided whether to unveil the new Xbox at an industry event such as the E3 show in June, or a separate event devoted solely to the machine, one of the people said," stated the Bloomberg report.

The news does not come as a surprise as the gaming console has been rumored for some time now, and speculation has been rife that Microsoft would unveil the console next year. Even though the company's current-gen Xbox 360, which is seven years old, is doing well in the consumer market, fans would expect the Redmond-based company to out a new console that is long overdue.

According to the Bloomberg report, the "new version will debut a year after Nintendo Co. (7974)'s brand-new Wii U, which went on sale Nov. 18 in the U.S."

However, with rival Sony also said to be working on an update PlayStation console, Microsoft would need to up the ante to stay ahead in the console race in 2013. Whether the rumors of a 2013 holiday season release for Xbox 720 bear fruition remains to be seen.

Microsoft on its part chose to remain mum with Xbox spokesperson David Dennis declining to comment.