Multiple sources close to the project told Kotaku on Thursday that Microsoft's next-generation gaming console, which many have called Xbox 720 up to this point, has been given the internal code name Durango.

Until Microsoft unveils or releases the console to the public, Durango will be the name used while the system is being developed.

Giving code names to consoles in development is nothing new. All of the major video game systems have been given code names, which is a trend that can be traced back to the late 70s, when Atari gave its upcoming Atari 2600 the codename Stella. Here are a slew of other videogame consoles and their codenames.

About the New Xbox: Durango

In late January, IGN reported that the next-generation Xbox would feature six times the processing power of the Xbox 360, and be ready to ship by November 2013. The system will compete with the eighth generation of video game consoles from Nintendo, Sony, and others.

The Xbox 720 will built on AMD's 6000 series processor, which was introduced last year. The chip performs similarly to the Radeon HD 6670 chip, which supports multidisplay output, including 3D and 1080p HD, and also supports DirectX11, Microsoft's Windows 7 software that creates impressive 3D visuals and sound effects. The market price of the Radeon HD 6670 hovers at about $79.99.

In other words, the Xbox 720 will be able to achieve a raw processing power about six times that of its predecessor and about 20 percent more powerful than Nintendo's next HD console, the Wii U.

Sources say developers will likely receive development kits from Microsoft around August, while mass production of the Xbox 720's graphics processing units (GPUs) will begin by the end of 2012.

The Xbox 360 sold 65.8 million units worldwide in its six-year lifespan, while Sony's Playstation 3 and the Nintendo Wii, which were both released in 2006, sold 55.5 million units and a whopping 89.4 million units, respectively.

What do you hope to see in Microsoft's new Xbox console, Durango? Let us know in the comments section below.