Xbox 720
Sources familiar with the company's plans have reportedly said Microsoft's Xbox 720 could debut during the holidays in 2013. IBTimes

Fans are eagerly awaiting Microsoft's upcoming console, which is said to be called the Xbox 720. Rumors and speculations about the gaming system have been circulating the Internet, and a new batch of expected features could have gamers gearing up for the release.

The Xbox 720 may include a Blu-ray player and require a steady Internet connection, according to a report from VG247 earlier this week. The device, which is scheduled for a holiday 2013 release, will also have two GPUs.

It's like two PCs taped together, a source said to the video game news source.

Although these specs aren't officially confirmed, according to VG247, the graphics cards are rumored to be equivalent to the AMD's 7000 series GPUs. However, they will not be structured as they are in a normal dual PC-setup. In a typical double PC format, the two chips take turns to draw lines of the same object. But with Microsoft's new console, the graphic units will work independently to draw separate items simultaneously.

The PlayStation 4, known internally as Orbis, is also said to feature the same type of AMD hardware. This is interesting, considering a rumor surfaced at the end of March saying that the new Xbox would be using an already outdated low-end GPU, according to Piki Geek.

The new Xbox will be sporting four or six cores to its CPU, with one entire core devoted to the Kinect and another reserved for the device's operating system. The next generation of the motion censored move-to-play Xbox feature will be automatically built into the device as standard, replacing the current external add-on.

But the upcoming Microsoft venture isn't the only release slated for the holiday season. Gaming rivals Nintendo and PlayStation are also expected to launch their next generation consoles at the tail end of 2012. In the last week of March images were leaked that revealed what graphics would look like on the PlayStation 4, and projects surrounding the new Sony console have been in the works since October, according to Develop.

Nintendo's forthcoming Wii U also seems to boast some impressive new features, especially its mini tablet-esque controller. This second-screen experience will create new gameplay opportunities for fans, adding another dimension to the gaming experience. However, Nintendo's predecessor has been known to cater towards casual gamers and family crowds rather than the hardcore community.

Another questionable feature about the Xbox 360 successor is its constant Internet connection required to play games. This is similar to the rumor that surfaced about the PlayStation 4, indicating that both consoles may experience this restriction.

I have my doubts that Microsoft and Sony will completely shut out offline gamers and attack the used game market so aggressively, wrote Jared Newman of PC World.

It is unclear at this time whether or not these features will make it to the finished product, but the holiday season is sure to be an exciting time for gamers.