[UPDATE] Following the publication of this story, Microsoft confirmed that it will hold a press event on May 21 at the company's headquarters in Redmond, Washington to "give you a real taste of the future."
"On Tuesday, May 21st, we'll mark the beginning of a new generation of games, TV, and entertainment," Microsoft said in a statement. "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.com, Xbox Live, and broadcast on Spike TV if you are in the US or Canada."
"On that day, we'll share our vision for Xbox, and give you a real taste of the future," the statement goes on. "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."
The original story follows below
A source has told the GameStop-owned Game Informer magazine that Microsoft will announce the Xbox 720 during an "intimate" event at its headquarters in Redmond, Washington on May 21.
This tallies with a claim from Windows blogger Paul Thurrott, who also said Microsoft would reveal the next-generation platform on that date.
Game Informer's source also revealed that the event will be streamed live on Xbox.com, Xbox Live, and Spike TV in the United States and Canada. Invitations for the event are reportedly going out to press and publishing partners shortly.
A Microsoft representative was not immediately available to comment.
The latest Xbox 720 scuttlebutt suggests the platform will launch this year with Crytek's Kinect game Ryse and a new Forza title, among others. The platform is also rumored to take over a user's TV and set-top box in much the same way that Google TV operates.