Microsoft’s Xbox 360 is coming up on seven years old, and the company has sold more than 66 million units. Naturally, as graphics techniques and software has advanced, the aging hardware is starting to hold back game developers from implementing higher detail settings and larger maps with more players. Both developers and gamers are clamoring for the next Xbox to be released so that they can advance to the next stage of gaming. PCs are way ahead in the graphics quality race as the hardware has greatly advanced in the interim, and console gamers and game developers are starting to take notice and want for the features. Bring on the Next Box (or Xbox 720 or whatever it will eventually be called). With updated hardware, it should give console gamers some new (to them) shiny graphics to look at and smoother frame rates at the same quality settings we have now.

According to IGN, sources have confirmed that the next generation gaming console will have six times the processing power of the current generation Xbox 360. This increase in processing power is due in part to the updated graphics card that is akin to the AMD Radeon HD 6670 GPU, which while only a budget/HTPC card on the PC side of things, is a nice step up from the Xbox 360’s ATI Xenos graphics chip.

The card will support 1080p, DirectX11, multiple display outputs, and 3D. Unfortunately, pricing for the upcoming gaming system was not revealed nor were any other details about the specific underlying hardware. If you are in the mood for more speculation on what might be inside the next Xbox, Tech Radar has compiled a list of the various gossip around the net about the console.