All the rumors surrounding the next Xbox gaming console from Microsoft can finally be put to rest. Microsoft announced the date for the unveiling event of the Xbox 360's successor will be May 21, at a special press event at the Microsoft campus in Washington state.

Xbox's spokesperson, Major Nelson, confirmed the release date on his blog on Wednesday.

"On Tuesday May 21st, we'll mark the beginning of a new generation of games, TV and entertainment. On that day, we'll be holding a special press event on the Xbox campus and we invite you to join us via the live global stream that will be available on Xbox LIVE and Xbox.com. If you are in the US or Canada, you can also watch the broadcast on Spike TV. On that day, we'll share our vision for Xbox, and give you a real taste of the future. Then, 19-days later at the Electronic Entertainment Expo (E3) in Los Angeles, we'll continue the conversation and showcase our full lineup of blockbuster games. We are thrilled to pull back the curtain and reveal what we've been working on," Major Nelson stated in his blog post.

Xbox's official site also confirms the release of the next-generation Xbox, dubbed Xbox 720, on May 21.

Microsoft sent out some press invitations for the event, putting the name of Microsoft's president of Interactive Entertainment Business division, Don Mattrick, on it.

"A New Generation Revealed," CNET posted. "Don Mattrick and the Xbox team invite you to the Xbox campus for a special unveiling."

The successor of Xbox 360 is rumored to come with many new features, such as Skype.

Earlier rumors suggested that the Xbox 720 project is code-named Project Durango and the console will be powered by an eight-core processor, with 8GB of system memory.

The console is also rumored to connect to set-top boxes via HDMI and convert the output into high-definition by applying the Xbox user interface (UI) on the content.

The pricing, availability and features of the console have not been declared yet, but we hope that Mircrosoft doesn't do it Sony's way and keep all its fans guessing about these crucial details for too long.