The Xbox 720 will be available during the 2013 holiday season, a report has suggested.

Microsoft's next-generation Xbox, which is reportedly codenamed Durango, will ship in time for Thanksgiving and Christmas, Digital Spy said citing Bloomberg Businessweek.

A source close to the project said that Microsoft is yet to decide whether to announce the console at the E3 Gaming Expo or a dedicated industry event.

The news comes after the Xbox 360 sold over 750,000 systems during the week of Black Friday in the US from November 18 to November 23, nearly doubling the amount of Wii U sales in the same period.

Recent alleged Xbox 720 patent filings suggest Microsoft's next console will feature an improved Kinect device and two CPUs, one for gaming and another for multimedia applications.

The filings support some of the details discovered within a set of alleged leaked Xbox 720 documents from 2010.

The 56-page set was removed from the web following an intervention by Microsoft's legal team.

It claimed that the Xbox 720 will feature Kinect 2.0, 3D technology and the long-rumoured Xbox TV.