Going against tradition, Nintendo was the first to launch a next generation console this time with the Wii U. Sony and Microsoft are still trying to squeeze a few more years out of increasingly aged hardware, but it looks like Microsoft will also be launching the next Xbox next year.

Bloomberg reports that the next Xbox will be launching in time for the holidays next year. To be more specific, people close to the company said Microsoft plans to have the next-gen console ready for Thanksgiving sales which indicates a late October or early November release date.

So when we will see the next Xbox in the proverbial flesh? People close to Microsoft say the company is still trying to decide when to reveal the new console. E3 is a logical choice, but game publishers are increasingly turning to private events for product announcements as it’s easier to control the message. If you recall, the Xbox 360 was revealed via a special on MTV. It’s not a stretch of the imagination to assume Microsoft would do something similar for the next Xbox, most likely on Spike TV.

The Bloomberg report lends some credibility to past rumors saying that the next Xbox would launch next year. Unfortunately, the report doesn’t dive into any of the hardware rumors that have been at the forefront of the conversation for quite some time. For now, most of the information we know comes from a leaked internal roadmap that revealed the next Xbox would feature six to eight 2GHz processors, 4GB of RAM and a single GPU clocked at 1GHz.

As for Sony and its rumored Orbis console, we still don’t know anything beyond a few unconfirmed rumors floating around the Internet. The only solid piece of information came back in April when sources close to Sony said the company was hoping to have Orbis out before the next Xbox, but Sony later said that at E3 that it wants to be better, not first.

For more rumors and information, check out everything we know about the next Xbox so far.